Depreciation Expense-Equipment Is an Example of a Contra Account

question 165

True/False

Depreciation Expense-Equipment is an example of a contra account.

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Definitions:

Current Year

The present calendar or fiscal year in which a company operates and reports financial transactions.

Opportunity Cost

The benefit foregone by choosing one alternative over another.

Cash Outlay

The actual expenditure of cash or cash equivalent for purchases or services.

Alternative Investments

Financial assets that do not fall into the conventional categories of stocks, bonds, or cash, including commodities, real estate, and hedge funds.