Asked by
Kayla Wallace
on Nov 12, 2024
Verified
A contra asset account for Land will normally appear on the balance sheet.
Contra Asset Account
An account that offsets or reduces the balance of a related asset account, used to record reductions or allowances, like accumulated depreciation.
Balance Sheet
A financial statement that presents a company's financial position at a specific point in time, showcasing assets, liabilities, and shareholders' equity.
- Distinguish between various types of accounts such as assets, liabilities, equity, revenue, and expense accounts.
Verified Answer
AT
Learning Objectives
- Distinguish between various types of accounts such as assets, liabilities, equity, revenue, and expense accounts.