Copyright

Contra Account: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the purpose of a contra account?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. This journal entry records the cash sale of five pounds of apples at the market. The apples were all bad and the customer returned them for a full refund. Select the answer below that correctly states how you would record the refund.

2. What accounts listed below are contra accounts?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

This quiz and worksheet will assess what you know about contra accounts. Topics you will need to know include the purpose of a contra account and recording refunds.

Quiz & Worksheet Goals

Use these study tools to:

  • Identify contra accounts
  • Understand the necessary conditions for estimating an uncollectable percentage of credit sales
  • Determine the debit and credit from a type of credit sale

Skills Practiced

This quiz and worksheet will help you to assess the following:

  • Reading comprehension - ensure that you draw the most important information from the related business lesson
  • Interpreting information - verify that you can read information regarding the purpose of a contra account and interpret it correctly
  • Information recall - access the knowledge you've gained regarding debit and credit

Additional Learning

Want more info about contra accounts? Then utilize the lesson named Contra Account: Definition & Examples, which will cover the following objectives:

  • Understand how and why a contra account is used
  • Define general ledger parent account
  • Analyze examples of contra accounts
Support