Correct Answer: A contra asset has a credit balance and therefore a negative effect on total assets
Explanation:
Note: This Question is unanswered, help us to find answer for this one
Accounting Skill Assessment
Your Skill Level: Poor
Retake Quizzes to improve it
More Accounting MCQ Questions
Internal controls may be preventative, detective, corrective, or directive. Which is a detective control?
On March 15, a business receives an invoice from the power company for utilities used in February. The retailer pays the invoice on April 1. The business uses accrual-based accounting. Which month should the business recognize the expense?
Which choice is a general guideline for adequate separation of duties to prevent both fraud and error?
What does the cost of a unit of product under absorption costing method consist of?
Which answer best describes accruals and deferrals?
Other variable costs per unit subtracted from total cogs per unit equals ________.
Stockbrokers loan money to clients who have ____ accounts.
A credit card would be an example of a(n) ____________________ loan.
Under bush 43, the u.s. budget deficit neared __________ trillion dollars a year.
The goal of working capital management is to ________.