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Financial Accounting MCQs

How is an adjunct account different from a contra account?

The adjunct account is recognized on the income statement.

An adjunct account only affects a stockholder's equity account.

The adjunct account is recognized on the cashflow statement.

An adjunct account increases the amount of the balance sheet account.

Answer

Correct Answer: An adjunct account increases the amount of the balance sheet account.

Explanation:

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