Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

Contra accounts adjust asset values, like equipment depreciation reducing fixed assets. Increased allowance for doubtful accounts may signal rising uncollectable receivables. Companies use contra ...

This guideline provides guidance for capitalization, depreciation/amortization and construction in progress of capital assets purchased, constructed or developed ...

An asset is anything that an individual or business owns that has monetary value and can be sold for cash. There are four main types of assets: liquid, illiquid, tangible, and intangible. Knowing what ...