QUESTION 1

A contra-account:

		increases the original value of the account to which it relates.
		always appears in the same column of the trial balance as the account to which it relates.
		offsets, or reduces, another account.
		reduce the asset to its fair value.

4 points

QUESTION 2

At the end of the accounting period:

		all accounts are closed.
		temporary accounts are closed; permanent accounts are not.
		permanent accounts are closed; temporary accounts are not.
		only accounts with a credit balance are closed.