Mar 19, 2013 ... The contra liability account is less common than the contra asset account. An
example of a contra liability account is the bond discount account, ...
A contra account is an account with a balance opposite the normal accounts in its
category. Contra accounts are usually linked to specific accounts on the ...
An account with a balance that is the opposite of the normal balance. For
example, Accumulated Depreciation is a contra asset account, because its credit
Accumulated depreciation, purchase discounts and purchase returns are
examples of contra accounts. Accumulated depreciation is a contra account in
A contra account is a general ledger account which is intended to have its
balance be the opposite of the normal balance for that account classification.
Contra accounts are reported on the same financial statement as the associated
account. For example, a contra account associated with accounts receivable is ...
General ledger accounts will have a debit or credit normal balance, and contra
accounts that offset the parent account. This lesson will explain...
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Sep 4, 2012 ... How a contra account is used (works opposite) demonstrated by (Discount to
Bonds Payable), used as a balancing account between the asset ...
Contra account is an account that appears as a subtraction from another account
on balance sheet of a company. For example, provision for bad debts is a ...
The terms Account, Chart of Accounts, Contra Account, and Valuation Allowance
are defined, explained, and illustrated with accounting system examples.