Ask Experts Questions for FREE Help !
    sweetpea1979's Avatar
    sweetpea1979 Posts: 1, Reputation: 1
    New Member

    Jul 1, 2008, 05:33 PM
    Asset account and its contra account balance is called?
    I was unable to fined the answer to this question in my learning material. Thank you in advance for any help with this question.:)
    Criado's Avatar
    Criado Posts: 142, Reputation: 15
    Junior Member

    Jul 1, 2008, 08:24 PM
    Hello Sweetpea,

    It is called Book Value :)
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member

    Jul 2, 2008, 07:35 PM
    It depends on which accounts they are, and it can also depend on what your book chooses to call them.

    Book value is generally what we call the plant asset account less its accumulated depreciation. On rare occasions I've seen it called carrying value, which essentially means the same thing.

    But... receivables less the contra account allowance for doubtful accounts is called its net realizable value.

    It's a vague question because there is no one name and you could be referring to anything.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

T-account from unadjusted trial balance [ 1 Answers ]

I have to prepare T-accounts with balances from the unadjusted trial balance. In the Unadjusted Trial Blance, there are 1) Accumulated depreciation - A Cr $10000 2) Accumulated depreciation - B Cr $15000 . . . 10) Depreciation expense - A Dr $0 11) Depreciation expense - B Dr $0

Determining an Ending Account Balance [ 1 Answers ]

I need help in determining the end balance of this account below. I have tried an continue to get the wrong answer. Wilma's Accounting Services was organized on April 1, 2007. The company received a contribution of $1,700 from each of the three principal owners. During the month, Wilma's...

Contra account? [ 5 Answers ]

Could someone please give me a simple example/s of contra account and a simple explanation of what it is. Thanks

View more questions Search