A type of account that contains a debit balance in order to offset the liability account.
Related information about contra-liability account:
- What is a contra liability account? | AccountingCoach.com Q&A
A contra liability account is a liability account where the balance will be either a debit balance or a zero balance. Since a debit balance in a liability.
- contra liability account definition | AccountingCoach.com
A liability account with a debit balance. Discount on Bonds Payable is a.
- What is a contra liability account? - Questions & Answers ...
Jan 20, 2012 ... In general, a contra account offsets another, related account, with the result being a reduced net balance for the two paired accounts. A contra ...
- What is contra-liability account? definition and meaning
Definition of contra-liability account: A type of account that contains a debit balance in order to offset the liability account.
- What Other Types of Contra Accounts Are Recorded on the Balance ...
The discount on bonds payable is a contra liability account. Contra liabilities are not seen on a balance sheet as often as contra assets. Discount on bonds ...
- What Is a Contra Account & Why Is It Important? | Chron.com
Contra Liability Account. Liabilities typically carry a credit balance. The two common contra liability accounts, discount on bonds payable and discount on notes ...
- What is a Contra Account?
This means that an account showing a debit would be a type of contra account usually known as a contra-liability account. By the same token, an account with a ...
- Types of Contra Accounts | Reference.com Answers
Ultimately contra accounts are meant to be opposites of each other. An example would be a contra-liability account and a contra-assets account. You can find ...