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A contra account's normal balance is the opposite of the normal balance of the related account - is a True statement
What is Contra Account?
When two linked accounts are netted together in a general ledger, a contra account is utilised to reduce the value of the linked account. A contra account's inherent balance is the opposite of the associated account. If the associated account's natural balance is a debit, the contra account records a credit. Accumulated depreciation can be used as the contra account for a fixed asset.
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