Which of the Following Accounts Is a Contra Account

question 129

Multiple Choice

Which of the following accounts is a contra account?

• A)Accumulated Depreciation-Office Furniture
• B)Interest Payable
• C)Depreciation Expense-Office Furniture
• D)Unearned Revenue

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Definitions:

Cash Receipts

The collection of money, including currency, checks, electronic transfers, and other forms of payment, for goods or services rendered.

Cash Payments

Money disbursed by a business for goods, services, or other obligations.

Accounts Receivable

Funds that customers owe to a company for products or services provided but not yet compensated for.

Accounts Payable

Money owed by a company to its creditors for goods or services that have been delivered or used, but not yet paid for.