What Is a Contra Asset in Accounting Terms?

submit to reddit

Submit Your Tip

What Is a Contra Asset in Accounting Terms? – This is a place for the community to provide tips and advice on What Is a Contra Asset in Accounting Terms?. This topic was created by Simon Snaith and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Votes

Tips

1
- Vote
Tip 1
What is a contra asset account? | AccountingCoach More
Published: 9 years, 1 month(s) ago by burnsie | permalink
Vote
What is a contra asset account?

For further reading: http://www.accountingcoach.com/blog/contra-asset-account ^[1]

1
- Vote
Tip 2
contra asset account definition | Dictionary | AccountingCoach More
Published: 9 years, 1 month(s) ago by Sibusiso Madonsela | permalink
Vote
contra asset account definition | Dictionary

For further reading: http://www.accountingcoach.com/terms/C/contra-asset-account ^[2]

1
- Vote
Tip 3
Contra Account Definition | Investopedia More
Published: 9 years, 1 month(s) ago by Sebastiaan Massizzo | permalink
Vote
An account found in an account ledger that is used to reduce that value of a related account.
Tags: contra account,accounting,financial statements,dictionary,glossary,education,investment,tutorials,investing,invest,investor,stocks,quotes,analysis,beginner,finance,financial,market,news,401k,ira,personal,definitions,terms,mutual funds,ipo,options,nasdaq,trader,trading

For further reading: http://www.investopedia.com/terms/c/contraaccount.asp ^[3]

1
- Vote
Tip 4
What is a contra asset? - Questions & Answers - AccountingTools More
Published: 9 years, 1 month(s) ago by Frederik Sleeswijk | permalink
Vote
A contra asset is a negative asset account that offsets the balance in the asset account with whic...

For further reading: http://www.accountingtools.com/questions-and-answers/what-is-a-contra-asset.html ^[4]

1
- Vote
Tip 5
What is a contra account? - Questions & Answers - AccountingTools More
Published: 9 years, 1 month(s) ago by Scott Bruce | permalink
Vote
Contra Account Overview A contra account offsets the balance in another, related account with w...

For further reading: http://www.accountingtools.com/questions-and-answers/what-is-a-contra-account.html ^[5]

1
- Vote
Tip 6
Account, Contra Account, Chart of Accounts Defined With Examples More
Published: 9 years, 1 month(s) ago by Heidi Labritz | permalink
Vote
he meanings of account in business are defined and explained in context with concepts including contra account, chart of accounts and valuation allowance.

For further reading: https://www.business-case-analysis.com/account.html ^[6]

1
- Vote
Tip 7
Contra Account | Example | Explanation More
Published: 9 years, 1 month(s) ago by JANSSENS Jean - Marc | permalink
Vote
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 balance sheet and are reported as subtractions from these accounts.

For further reading: http://www.myaccountingcourse.com/accounting-basics/contra-account ^[7]

About Author

More by Simon Snaith

No more topics...

About This Topic

Category: Fun | 9 years, 1 month(s) ago

9.3k+ Reads

7 Tips

7 Votes

1 Likes

0 Saved

Contributors

Scott Bruce, Frederik Sleeswijk, Sibusiso Madonsela, Heidi Labritz, Sebastiaan Massizzo, JANSSENS Jean - Marc, burnsie

References & Citations

1. http://www.accountingcoach.com/blog/contra-asset-account

2. http://www.accountingcoach.com/terms/C/contra-asset-account

3. http://www.investopedia.com/terms/c/contraaccount.asp

4. http://www.accountingtools.com/questions-and-answers/what-is-a-contra-asset.html

5. http://www.accountingtools.com/questions-and-answers/what-is-a-contra-account.html

6. https://www.business-case-analysis.com/account.html

7. http://www.myaccountingcourse.com/accounting-basics/contra-account