Asked by Brisa Sanchez on May 14, 2024
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A ________ account is an account linked with another account,having an opposite normal balance,and reported as a subtraction from that other account's balance.
Contra Account
An account used in the general ledger to reduce the value of a related account when the two are netted together.
Normal Balance
The side (debit or credit) of an account that is expected to have a positive balance.
Subtraction
A basic mathematical operation representing the difference between numbers or quantities.
- Understand and identify different types of accounts and their roles in accounting.
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CN
Learning Objectives
- Understand and identify different types of accounts and their roles in accounting.