Contra-asset accounts are NOT established to record the accumulated amortization for intangible assets.

Name: Contra-asset accounts are NOT established to record the accumulated amortization for intangible assets.
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Question

Quizplus · Accepted Answer

Contra-asset accounts are established to record the accumulated depreciation for tangible assets, but not for intangible assets. Intangible assets are amortized, and their accumulated amortization is recorded in a separate account called "Accumulated Amortization."

Contra-Asset Accounts Are NOT Established to Record the Accumulated Amortization