Accounting Dictionary - Letter C

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Contra asset account
is one that is offset against an asset account on the balance sheet. Contra asset accounts have credit balances and thus, reduce asset account balances. Contra asset accounts are normally presented with their respective asset accounts on the balance sheet. An example of a contra asset account is accumulated depreciation.
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