Which of the following is contra-asset account?Multiple choice question.Depreciation ExpenseAllowance for Doubtful AccountsDeferred RevenueCommon Stock
Question
Solution 1
The contra-asset account from the options provided is the "Allowance for Doubtful Accounts".
Here's why:
A contra-asset account is an asset account where the balance may either be a negative or zero. It is used to reduce the value of a related account when the two are netted together.
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