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Contra Account |
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Contra Account An account on the balance sheet of a corporation or entity that offsets the balance of a related and corresponding account. Notes: An example of a contra account would be accumulated amortization. This contra asset account credits the amortization account, offseting the debit position.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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