An account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is a(n): Multiple Choice Accrued revenue. Adjunct account. Contra account Intangible asset. Accrued expense

Question

An account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is a(n): Multiple Choice Accrued revenue. Adjunct account. Contra account Intangible asset. Accrued expense

Answer 1

The correct answer is:Contra account.A contra account is an account that is linked with another account and has an opposite normal balance. It is used to reduce the balance of the related account. For example, accumulated depreciation is a contra asset account that reduces the carrying amount of fixed assets.

Problemas

An account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is a(n): Multiple Choice Accrued revenue. Adjunct account. Contra account Intangible asset. Accrued expense

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