In a company's financial records, contra-revenues and expenses produce the same ultimate result: They both reduce net income. The difference is that expenses represent money that flows out of a ... Houston Chronicle: What Is a Contra Account & Why Is It Important?
A contra account offsets the balance of a corresponding account. Transactions made to contra accounts are presented on a company's financial statements under the related account. Contra accounts are ... Contra accounts adjust asset values, like equipment depreciation reducing fixed assets.
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