A Contra Account's Normal Balance Is the Opposite of the Normal

question 58

True/False

A contra account's normal balance is the opposite of the normal balance of the related account.

---

Definitions:

Life-Cycle Curve

A graphical representation showing the stages a product goes through from conception to withdrawal from the market, typically including introduction, growth, maturity, and decline.

Product Form

The specific physical composition, shape, or configuration in which a product is offered to consumers.

Product Class

A category of products that serve a similar function or are bought by consumers for similar reasons, sharing certain attributes.

Innovators

Individuals or organizations that introduce new ideas or products, often leading change and development within a market.