The Normal Balance of a Contra Asset Account Is a Debit

question 71

True/False

The normal balance of a contra asset account is a debit.

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Definitions:

Validation

The process of confirming or verifying something as true, correct, or compliant with standards.

Surveying

The science of measuring land to determine its boundaries, area, and the physical features it encompasses.

Premature Closure

The tendency to make a decision or come to a conclusion before acquiring all relevant information.

Illogical Reasoning

A process of thought or argumentation that is not based on sound or rational principles, often containing fallacies or errors in logic.