A contra-liability account has a debit balance and, thus, will be shown with the assets on the balance sheet.
Correct Answer:
Verified
Q58: Which of the following accounts are included
Q59: The origins of modern accounting date back
Q60: The key premise underlying double-entry bookkeeping is
Q61: The accounting cycle in an organization begins
Q62: T-accounts are part of an organization's general
Q64: Companies should prepare trial balances before posting
Q65: General journals generally contain columns for dates,
Q66: A journal entry must have one debit
Q67: The declaration of a dividend causes Common
Q68: A dividend is a special type of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents