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.

---

Definitions:

Values

Values represent the core principles or standards of behavior considered important in life, guiding decisions, actions, and the understanding of what is worthwhile.

Practices

Practices encompass the habitual actions, methods, or procedures employed in particular fields or activities, aimed at achieving proficiency, efficiency, or standardization.

Top-level Leaders

Individuals occupying the highest positions in an organization, responsible for strategic planning, decision-making, and guiding the organization towards its goals.

Entire Organization

Refers to all aspects and components of a business or institution, encompassing its structure, culture, employees, and operations.