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Contra Revenues Account

A contra account for revenues, i.e., a revenues account that has a debit balance, rather than the credit balance of...

    Condensed Financial Statement

    A financial statement that lays out a minimum content for interim financial reporting requirements. This is meant to provide a...

      Legal Liability

      A liability (financial obligation) that arises from an entity's actions and the others' expectations built on such actions where the...

        Legal Obligation

        A liability (financial obligation) that arises from an entity's actions and the others' expectations built on such actions where the...

          Constructive Obligation

          A liability (financial obligation) that arises from an entity's actions and the others' expectations built on such actions where the...

            Constructive Liability

            A liability (financial obligation) that arises from an entity's actions and the others' expectations built on such actions where the...

              Contra Owners’ Equity Account

              A contra account that is used to adjust an owners' equity (stockholders' equity) account by reducing it to arrive at...

                Contra Equity Account

                A contra account that is used to adjust an owners' equity (stockholders' equity) account by reducing it to arrive at...

                  Contra Liability

                  A contra account that is used to reduce the balance of a liability on the statement of financial position. It...

                    Contra Asset

                    A contra account that is deducted from an asset account to arrive at the asset's net book value. An example...