Can a contra account be considered a temporary account
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Can a contra account be considered a temporary account
Can a contra account be considered a temporary account
Yes... and No. A contra account only exists for as long the account it is offsetting, so I suppose you could call it a temporary account. Two main examples of contra accounts are depreciation & provision for bad debts and so long as a business has fixed assets and debtors, it will need those two contra accounts, so it's arguable that they're not really temporary accounts.
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