An example of a contra asset account is
A) Accumulated depreciation.
B) Depreciation expense.
C) Discount on Bonds Payable.
D) Prepaid expenses.

Question

Quizplus · Accepted Answer

Accumulated depreciation is a type of contra asset account that is used to record the total amount of depreciation that has been charged against an asset. This account is subtracted from the asset account to arrive at the net book value of the asset.

An Example of a Contra Asset Account Is