A Contra-Asset Account Has a Normal Debit Balance

question 18

True/False

A contra-asset account has a normal debit balance.

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Definitions:

Artisan's Lien

A legal right granted to craftsmen or workers allowing them to retain possession of a project or property until they are compensated for the services or labor they have provided.

Mechanic's Lien

A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.

Artisan's Lien

A legal claim granted to craftsmen or laborers on property they have worked on or materials they have supplied, to ensure payment for their services.

Property

Assets or possessions owned by an individual or entity, encompassing both tangible and intangible goods.