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.

---

Definitions:

Refreshments

Light snacks or drinks provided in social gatherings, meetings, or events for participants or guests.

Closed Groups

Refer to a fixed membership group where no new members can join once the group has started, often used in therapeutic and workshop settings.

Bonding

The process of forming a close relationship or emotional connection with someone.

Paraphrasing

Paraphrasing involves rewording another's ideas or statements in one's own words without changing the original meaning.