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1- Neither asset nor liability account .
2- An asset account .
3- A liability account .
Answer is: (1) - Neither an asset or liability as Contra Liability account is primarily used just to offset the liability account and it cannot be classified as a liability since it does not represent any future obligation.
Contra accounts in general are neither liabilities nor assets . So option 1 is the right answer .
CORRECT ANSWER IS (1) NEITHER ASSET NOR LIABILITY SINCE AT ANY TIME CONTRA ACCOUNT MUST EQUATE TO ZERO.
Number one .................
In simple words in accounting Contra means Cancel, when you are doing the contra entry you compensate a debit account with the same amount of credit.
A contra liability account is a liability account where the balance will be either a debit balance or a zero balance.
3 - A Liability account with Debit balance, hence the name contra liability account.
Contra liability account can be viewed as an asset account.
