Contra-asset Account

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Description

An account with a credit balance that is off-set against or deducted from an asset account to produce the proper balance sheet amount for the asset.

Concept Prerequisite

Wikipedia Reference

http://en.wikipedia.org/wiki/Contra-asset#Contra account

Learning Material

Covered in Topic(s)

 
The Accounting Cycle: Accruals & Deferrals
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