Bookkeeping

However, it will also have a negative accumulated depreciation of $60,000, offsetting that cost. Contra accounts are used to reduce the original account directly, keeping financial accounting records clean. The difference between an asset’s balance and the contra account asset balance is the book value. Key examples of contra asset accounts include allowance for doubtful …

What is a Contra Asset Account? Simple Examples and Easy Explanation Read More »

You might hear something along the lines of “He dropped a couple mil on a new car,” or perhaps “How many mils is that house? ” This abbreviation works for both spoken and written dialogue, and is easily recognizable. Test your knowledge of some of the most commonly misunderstood texting acronyms. The Report containing certain …

Different Abbreviations for Thousand, Million & Billion Read More »