A contra account's normal balance (debit or credit)is the opposite of the normal balance of the related account.

Question

Quizplus · Accepted Answer

This is true. Contra accounts are accounts that are paired with another account and have an opposite normal balance. For example, accumulated depreciation is a contra account paired with the asset account it relates to, and has a normal credit balance while the asset account has a normal debit balance.

A Contra Account's Normal Balance (Debit or Credit)is the Opposite