An account which offsets another account. A contra-asset account has a credit balance and offsets the debit balance of the corresponding asset. A contra-liability account has a debit balance and offsets the credit balance of the corresponding liability.
Related information about contra account:
- Contra Account Definition | Investopedia
An account on a corporation or entity's financial statements that offsets the balance of a related and corresponding account. A contra account is found on ...
- contra account definition | AccountingCoach.com
An account with a balance that is the opposite of the normal balance. For example, Accumulated Depreciation is a contra asset.
- What is contra account? definition and meaning - InvestorWords.com
Definition of contra account: An account which offsets another account. A contra- asset account has a credit balance and offsets the debit balance of the ...
- What is a contra account? - Questions & Answers - AccountingTools
Jul 18, 2010 ... Contra Account Overview. A contra account offsets another, related account with which it is paired. If the related account is an asset account, ...
- What is contra account? - BusinessDictionary.com
Definition of contra account: Asset account that offsets an associated account. For example, accumulated depreciation account that reduces the original cost of ...
- Contra Account - Financial Dictionary - The Free Dictionary
An account whose value offsets the value of an equivalent account. This applies whether the account is debited or credited. For example, two firms may have ...
- What is a Contra Account?
A contra account is any account carrying a balance to offset the balance of a related account. Companies use a contra account to...
- Contra account | Business Pundit
A contra account exists to offset the balance of a related and corresponding account. A contra account is a perfect example of the debit and credit system,