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Contra Account |
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Contra Account 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 contra accounts in which each owes the other money. They might agree to offset the mutual debt and make a single payment to whichever is owed more. Perhaps the most common example of a contra account is an asset's depreciation, which is subtracted from its original price to calculate its book value. In this case, the depreciation and the original price are contra accounts with respect to each other. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| By 2005, after trading debits and credits for robbers and drug dealers, he was an officer with five years on the job. Second, companies have to fill the accounting holes left when the auditor could no longer help them get the complex debits and credits right. Precise allocations of returns by debits and credits were not available. |
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