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    jshifflett's Avatar
    jshifflett Posts: 4, Reputation: 1
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    #1

    Sep 29, 2010, 10:36 PM
    What is contra asset account mean in terms of Accounting
    hamzashakaa's Avatar
    hamzashakaa Posts: 161, Reputation: 8
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    #2

    Sep 30, 2010, 07:53 AM
    It is an account that offsets another asset account. For example Accumulated depreciation reduces fixed assets account and provision for doubtful debts reduces accounts receivable.
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