What is a contra asset account?
Both US GAAP and International Financial Reporting Standards (IFRS) account for long-term assets (tangible and intangible) by recording the asset…
Outstanding Shares Overview, Basic and Diluted, Example
Authorized shares are defined as the maximum number of shares that a company is legally allowed to issue to investors,…
Contra Revenue: Simplifying Returns, Discounts, And Allowances
These examples illustrate how contra accounts are used in various contexts to provide a more accurate picture of a company’s…
Accounting for partnerships FA2 Maintaining Financial Records Foundations in Accountancy Students
Recall that each partner is jointly and severally liable for all the debts of the partnership, meaning each partner is…