Which of the following is contra-asset account?Multiple choice question.Deferred RevenueDepreciation ExpenseAllowance for Doubtful AccountsCommon Stock
Question
Solution 1
The correct answer is "Allowance for Doubtful Accounts". This is a contra-asset account because it is directly related to an asset account (Accounts Receivable) and has a credit balance, which is the opposite of the normal debit balance for asset accounts. This account is used to reduce the value of Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
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