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:

Progressive Tax

A tax system in which the tax rate increases as the taxable amount increases, typically imposing higher rates on those with higher incomes.

Tax Rates

The percentage at which an individual or corporation is taxed, which can vary according to income level, type of taxpayer, and jurisdiction.

Federal Marginal Income Tax

pertains to the portion of tax applied to an individual's or entity's last dollar of income, under the federal tax system, which uses progressively higher rates for higher income levels.

Tax Bracket

Categories at varying tax rates applied to ranges of income; the higher the income, the higher the percentage of tax levied.