Which of the following would not be classified as a contra account?
A) Inventory
B) Sales Returns and Allowances
C) Accumulated Depreciation
D) Sales Discounts

Question

Quizplus · Accepted Answer

Inventory is not a contra account. Contra accounts are used to offset the balance in a related account to arrive at a net balance. Examples of contra accounts include Sales Returns and Allowances, Accumulated Depreciation, and Sales Discounts.

Which of the Following Would Not Be Classified as a Contra