On the Balance Sheet, Any Account Having a Balance Intended

question 47

Multiple Choice

On the balance sheet, any account having a balance intended to be deducted from another related account balance for financial statement purposes is known as a(n)

• A) expense account.
• B) discount account.
• C) contra account.
• D) uncollectible account.

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Definitions:

Gains

The increase in wealth or resources, often measured as the difference between the sale price and the purchase price of an asset.

Behavioral Economists

Scholars who study the impact of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions.

Weight on the Future

This key-term may refer to the emphasis or consideration given to future outcomes or consequences in decision-making processes.

Canalization

A concept in genetics and developmental biology referring to the ability of an organism to produce the same phenotype regardless of variability in its environment or genotype.