Which of the following is an example of a contra-asset?

A contra-asset is an account that reduces the value of an associated asset account on the balance sheet. It is essential for correctly reflecting the net value of specific assets.

Accumulated depreciation fits this definition perfectly. It represents the total amount of depreciation expense that has been allocated against a tangible asset since it was acquired. By accumulating the depreciation, it effectively reduces the book value of the asset over time. The result is that the net asset value shown on the balance sheet accurately reflects the current worth of the asset after accounting for wear and tear or obsolescence.

In contrast, the other options listed do not represent contra-assets. Notes payable reflects liabilities owed by a company, treasury stock represents shares that a company has repurchased and are held in its treasury (not a reduction of an asset), and accounts receivable is an asset representing amounts owed to the company by customers. None of these fit the definition of a contra-asset, which is why they wouldn't qualify.