Which of the following is not an accurate description of allowance for doubtful accounts?
A)contra account.
B)statement of financial position account.
C)income statement account.
D)usually has a credit balance.

Question

Quizplus · Accepted Answer

Allowance for doubtful accounts is a contra account on the statement of financial position and usually has a credit balance. However, it is not an income statement account.

Which of the Following Is Not an Accurate Description of Allowance