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CFP Certified Financial Planner Test Prep

Category - Accounting

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Which of the following is considered a contra account?

Ken Tyler, Capital
Cash
Wages payable
Wage expense
Accumulated depreciation

Explanation

Answer - E - Accumulated depreciation is the only example provided that can be considered a contra account.

Key Takeaway: A contra account is an account that is used to offset another account, in this case, an asset that is being depreciated. It carries a credit balance.

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