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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...

              Reclassification Adjustment

              The process of reclassifying gains or losses from equity (fair value changes) to P&L (statement of profit and loss, SOPL)...

                Recycling

                The process of reclassifying gains or losses from equity (fair value changes) to P&L (statement of profit and loss, SOPL)...

                  Control Account

                  A single account that controls a set of subsidiary accounts. In other words, it summarizes the subsidiary accounts in order...

                    Contra Account

                    An account whose balance is opposite the balance in its related account (the so-called paired account). For instance, accumulated depreciation...