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A Contra Account Is an Account Whose Balance Is Subtracted

question 147

True/False

A contra account is an account whose balance is subtracted from an associated account in the financial statements.


Definitions:

Spoon

A utensil consisting of a small, shallow bowl on a handle, used for preparing, serving, or eating food.

Statue

A three-dimensional sculpture.

Kente Cloth

A type of silk and cotton fabric made of interwoven cloth strips and is native to the Akan ethnic group of South Ghana, known for its vibrant colors and designs.

Material

A substance or substances from which a thing is or can be made.

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