An Account Linked with Another Account That Has an Opposite

question 99

Multiple Choice

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) :

• A)Accrued expense.
• B)Contra account.
• C)Accrued revenue.
• D)Intangible asset.
• E)Adjunct account.

Understand how to calculate and record estimated warranty expenses and actual warranty work.

Learn how to compute key financial ratios such as current ratio, working capital, and quick ratio.

Acquire skills in journalizing various transactions including accrued expenses and payroll calculations.

Gain knowledge in analyzing and recording contingent liabilities related to environmental spills and litigation.

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