contra account
1contra account — noun (bookkeeping) An account in which items are held in suspense pending settlement or definitive classification • • • Main Entry: ↑contra …
2contra account — Accounts receivable due from debtors who also have accounts payable due to them from the borrower. American Banker Glossary * * * contra account contra account ➔ account1 * * * contra account UK US noun [C] ► ACCOUNTING in a company s double… …
3Contra Account — An account on the balance sheet of a corporation or entity that offsets the balance of a related and corresponding account. An example of a contra account would be accumulated amortization. This contra asset account credits the amortization… …
4contra account — A *general ledger *account that *offsets another account. For example, *allowances for bad debts are recorded in contra accounts in relation to *accounts receivable …
5contra account — /ˈkɒntrə əˌkaʊnt/ (say kontruh uh.kawnt) noun an account that accumulates data and is deducted from another account, such as accumulated depreciation which is offset against plant and equipment …
6contra account — / kɒntrə əˌkaυnt/ noun an account which offsets another account, e.g. where a company’s supplier is not only a creditor in that company’s books but also a debtor because it has purchased goods on credit …
7contra account — / kɒntrə əˌkaυnt/ noun an account which offsets another account, e.g. where a company’s supplier is not only a creditor in that com pany’s books but also a debtor because it has purchased goods on credit …
8contra account — An account which serves to reduce the gross valuation of an asset, also known as a valuation allowance. For example, accumulated depreciation serves as a valuation allowance for machinery and equipment. Contrast with adjunct account, above …
9contra account — An account which serves to reduce the gross valuation of an asset, also known as a valuation allowance. For example, accumulated depreciation serves as a valuation allowance for machinery and equipment. Contrast with adjunct account, above …
10account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you …
