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Which of the following is an example of a contra asset account?

Practice Questions

Q1
Which of the following is an example of a contra asset account?
  1. Accumulated Depreciation
  2. Accounts Receivable
  3. Inventory
  4. Cash

Questions & Step-by-Step Solutions

Which of the following is an example of a contra asset account?
  • Step 1: Understand what an asset account is. An asset account represents something valuable that a company owns.
  • Step 2: Learn about contra asset accounts. A contra asset account is used to reduce the value of an asset account.
  • Step 3: Identify an example of a contra asset account. Accumulated Depreciation is a common example.
  • Step 4: Know what accumulated depreciation does. It reduces the book value of fixed assets over time due to wear and tear.
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