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What is Understanding Contra Accounts in Accounting about?
A contra account is an account with a balance opposite to a normal account in its category that is used to reduce the balance of that normal account. There are contra asset, liability, and equity accounts. An example of a contra asset account is accumulated depreciation, which reduces the balance of a fixed asset. A contra liability account is a discounted bonds payable account. A contra equity account is a treasury stock account. Contra accounts provide more information to financial statement users by show
- Author
- RaviSankar
- Language
- EN