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Understanding Contra Accounts Used as a Reduction to Normal Account
What is a Contra Account?
A general ledger account, along with a balance that differs from the typical compensation for that account classification is referred to as a contra account. By using a contra account, a business can record both the initial amount and a decrease to disclose the net amount as well. The term "net amount" is frequently used interchangeably with "carrying amount" or "net realizable amount."
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Posted: Feb 27 2023, 11:15
Author Name: forexlive
Views: 102770