What Type of Account Is Discount on Notes Payable

question 1

Multiple Choice

What type of account is Discount on Notes Payable?

• A)Liability.
• B)Contra liability.
• C)Contra asset.
• D)Expense.

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Definitions:

Cultural Norms

Shared expectations and rules that guide behavior of people within social groups.

Leadership Behavior

Actions and attitudes exhibited by leaders to influence and guide their team or organization towards its goals.

Social Laws

Rules or regulations designed to govern behavior within a society, aiming to maintain order and protect citizens' rights and welfare.

Contingent Reward

A form of motivation dependent upon the achievement of a certain condition or set of criteria.