An Account That Is Always Deducted from a Related Account

question 37

Multiple Choice

An account that is always deducted from a related account is known as a:

• A) carrying account.
• B) temporary account.
• C) contra account.
• D) negative account.

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Definitions:

Swiss Franc

The official currency of Switzerland and Liechtenstein, known for its stability and often considered a "safe-haven" currency.

Polish Zloty

The currency of Poland, symbolized as PLN.

Direct Quotes

The exchange rate for foreign currencies quoted in units of the domestic currency per one unit of the foreign currency.

Direct Quote

A representation of the amount of foreign currency required to buy or sell one unit of the domestic currency in the foreign exchange markets.