contra account

He told you that the money was funneled into three contra accounts in Switzerland?

Post in detail or in summary to the contra account.

- Contra accounts are charged with actual costs arising out of cheque issue.

The difference between suspense and contra accounts is illustrated as follows:

Also known as a bad debt reserve, this is a contra account listed within the current asset section of the balance sheet.

Contra accounts are used in bookkeeping to record asset and liability valuation changes.

Some balance sheet items have corresponding contra accounts, with negative balances, that offset them.

Contra accounts are accounts that are related, yet separate from its particular account.

Depreciation, amortization and depletion are recorded as expenses against a contra account.

The examples that follow show the variety of uses to which suspense and contra accounts can be put in allocating costs.

(For example, contra account balance to actual expenditures to capital asset records.)

When it is desired to integrate equipment records with the principal accounting system, this can be done through the use of contra accounts.

A contra account, contains the estimate of the accounts receivable that are expected to become un-collectable during a fiscal period.

A contra account representing the Agency’s estimate of all amounts that are nonrecoverable from taxpayers at a predetermined point in time.

Accumulated depreciation is known as a contra account, because it separately shows a negative amount that is directly associated with another account.

Other contra accounts are credited and the appropriate expense accounts are charged when the cost allocation is computed.

The difference between suspense and contra accounts is illustrated as follows: ▪ Suspense accounts are charged with actual costs arising out of cheque issue.

If you believe Brenneke, Gregg became Bush's nationalsecurity adviser specifically to coordinate Israel's contra account.

He could not confirm The Times's report that the C.I.A. audit is broader than previous inquiries of contra accounts.

By the summer of 1985, the report says, General Secord, who is retired from the Air Force, was "not the only weapons dealer seeking the contra account."

How does DT Max handle GIFI contra account items?

• 22618 Insurance Company Liquidation Contra Account Department(s) Specific:

For its services SETCO received funds from the Contra accounts established by Oliver North.

The operation of suspense and contra accounts does not alter the total costs charged to responsibility centres, because the costs allocated are the same as the actual expenditures made.

It allows users to reconcile accounts such as accruals, prepayments and other contra accounts as well as all bank accounts, which can be reconciled automatically.