A contra account is a type of account that is used to offset or reduce the balance of another related account.
Financial accounting refers to the process by which incoming and outgoing cash flows are recorded. These are typically summarized through three key statements: the income statement, the balance sheet, and the cash flow statement.
Table of Contents What are Current Assets? Understanding Current Assets Current Assets in Financial Accounting How to Calculate Challenges of Managing Current Assets Examples FAQs Current Assets: Definition, Types, How to Calculate & Examples Written by Paul Boyce Posted in Finance > Financial Accounting Last Updated June 21, 2023 What are Current Assets? In the
The accounting cycle refers to the process of recording, classifying, summarizing, and reporting financial transactions of a business over a specific accounting period.