Asked by
haley harris
on Nov 15, 2024
Verified
Merchandise Inventory is what type of account?
A) Liability
B) Asset
C) Equity
D) Contra-asset
Contra-Asset
An account displayed on the balance sheet that reduces the value of a related asset, such as accumulated depreciation.
Liability
Financial obligations, debts, or responsibilities owed by a business to others, to be settled over time through the transfer of economic benefits.
- Comprehend the role of merchandise inventory in accounting and its normal balance.
Verified Answer
BP
Learning Objectives
- Comprehend the role of merchandise inventory in accounting and its normal balance.