_____ accounts provide disaggregated information concerning the net amount of an asset, liability, or shareholders' equity item. Note that the use of such accounts does not affect the total of assets, liabilities, shareholders' equity, revenues, or expenses, but only the balances in various accounts that comprise the totals for these items.
A)Reversing
B)Temporary
C)Contra
D)Closing
E)None of the above

Question

Quizplus · Accepted Answer

Contra accounts are used to show the net amount of an asset, liability, or shareholders' equity item. They are used to offset the balance of the related account and provide a more detailed picture of the company's financial position. The use of contra accounts does not affect the overall balance of the financial statements, only the balances in the specific accounts.

_____ Accounts Provide Disaggregated Information Concerning the Net Amount of an Asset