A Company Maintains the Asset Account, Cash, on Its Books

question 171

Multiple Choice

A company maintains the asset account, Cash, on its books, while the bank maintains a reciprocal account which is, to the bank,

• A) a contra-asset account.
• B) a liability account.
• C) also an asset account.
• D) an owner's equity account.

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Definitions:

Civil War

A war between groups within the same country or state, characterized by internal conflict often over issues of governance, territory, or societal structures, with significant examples including the American Civil War.

Class Conflict

The tensions and struggles that arise between different social classes due to disparities in wealth, power, and interests, often highlighted in Marxist theory.

Emancipation Proclamation

A presidential proclamation and executive order issued by President Abraham Lincoln on January 1, 1863, that declared the freedom of all enslaved people in Confederate-held territory.

British And French

Two European nations with rich histories of both collaboration and conflict, notably in areas of colonization, trade, and cultural exchange.