Express the Following Ratio in Its Lowest Terms $\frac{1}{8}: \frac{3}{4}$

question 96

Short Answer

Express the following ratio in its lowest terms:
$\frac{1}{8}: \frac{3}{4}$

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Definitions:

Contra Expense Account

An account that is offset against an expense account on the income statement, effectively reducing the total expense reported.

Expense Account

A ledger account that records transactions related to costs incurred by a business in the process of earning revenue.

Adjusting Entry

An accounting record made at the close of an accounting period that assigns income and expenses to the correct period.

Accumulated Depreciation

The total amount of depreciation that has been recorded for an asset up to a specific point in time, reflecting its use and wear over time.