A contra asset account has what type of balance

Asked by admin @ 20/08/2021 in Accountancy viewed by 463 People

A contra asset account has what type of balance? Mcq answers

Answered by admin @ 20/08/2021

Answer:

A contra asset account is an asset account where the account balance is a credit balance. It is described as "contra" because having a credit balance in an asset account is contrary to the normal or expected debit balance. (A debit balance in a contra asset account will violate the cost principle.)

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