A Contra-Asset Has a Credit Balance

question 47

True/False

A contra-asset has a credit balance.

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Definitions:

Upper-Right Corner

A term often used to describe the location at the top right portion of a page, screen, or area.

Reconciling

The process of ensuring that two sets of records (usually the balances of two accounts) are in agreement.

Bank Statement

A record of an account sent to the account holder, usually on a monthly basis, showing the beginning balance, all deposits made, all checks drawn, all bank service charges and interest earned, and the closing balance.

Check Register

A record, often part of a checkbook, that allows individuals to track checks written, deposits made, and current balances.