What are examples of contra accounts and where are they used
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What is a contra account?
Where are they used in the accounting information system?
Why do they appear in financial statement presentations?
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Solution Summary
The solution gives three examples of contra accounts and explains where they are used and why it is important to disclose the amounts
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A contra account is an account that is an offset to another balance sheet account, meaning that its normal balance is the opposite of the account it is offsetting.
Three examples follow:
1. Accumulated depreciation is a separate contra account to fixed assets. Proper balance sheet presentation will show total assets minus ...
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