IIA
IIA-CFSA · Question #264
When a bank charges off a loan as a loss, it reduces an account called the"_____________"
The correct answer is C. Allowance of loans and lease losses. See the full explanation below for the reasoning.
Question
When a bank charges off a loan as a loss, it reduces an account called the”_____________”
Options
- ALease payable
- BLease Expense
- CAllowance of loans and lease losses
- DPrepaid loans and lease
How the community answered
(38 responses)- A8% (3)
- B16% (6)
- C74% (28)
- D3% (1)
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