Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / sunil kumar tyagi
contra account is a account that offset that related
account.the basic function of contra account is basically
to be an opposite of another account.for example a account
showing a dedit is a contra account known as contra
liability account.similarily a account showing a credit is
a contra account known as contra liability account.for
example if an asset has been amortized then decrease in the
value of asset will be compensated by the ammortized value
accont which is a cotra account ot it. In order to balance
the debit position associated with the amortization, an
opposite or contra account with the balance sheet structure
will represent a credit that essentially offsets the
amortized figure. This helps to maintain a balance between
debits and credits in the bookkeeping process
| Is This Answer Correct ? | 5 Yes | 1 No |
Post New Answer View All Answers
EXPAND_________SEB
What do u mean by pass through expenses? give examples, how it will be accounted & billed?
A sample book on interviews is ready for free circulation with 7 chapters i.e Journal entries helpful for various occassions,Terminology,Abbreviations,Test your terminology,Multiple answers, Fill in blanks and Income tax send your requisition for Free Book Immediately to satyaki_raju@yahoo.co.in
How can someone prepared for Syndicate Bank Interviw? Do interviewer going to ask any aptitude questions or will it be similar to other PO Interviews? Answers solicited..
Do you need an income statement if you do part time contract work at home?
what is finance what is bpo why do u want join a BPO types of process in BPO Company's
What is limit of turnover for registering under CST & limit of Form 'C '
sir, i am working recruitment con.pvt ltd inthat one person salary will pay per month Rs.28000/- so i want to enter in our books only one salary payment or basic pay and spl.aa and others like this break up entrys we will pass please suggest
What is Direct Debit
When is proposed divided a current Liability and when is it non-current liability? Why is it in the list of Current Capital Accounts?
IS ACCOUNTING MBA AND FINANCE MBA SAME OR DIFRENT
Short Answer on ______Amortization
What are the objectives of accounting
1. Fdr mature with interest
What is compensation theorem?
