Contra-revenue accounts:
A)are liabilities.
B)are recorded with a credit.
C)are recorded with a debit.
D)are expenses.

Name: Contra-revenue accounts: A)are liabilities. B)are recorded with a credit. C)are recorded with a debit. D)are expenses.
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Question

Quizplus · Accepted Answer

Contra-revenue accounts are recorded with a debit to reduce the total revenue figures on the income statement. They are not liabilities, not recorded with a credit, and are not expenses, but rather adjustments to revenue.

Contra-Revenue Accounts