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Contra asset account is ?

1) An asset account .

2) A liability account .

3) Neither asset account nor liability account .

4) An equity account .

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Question added by Moataz Elsabawy , مدير مالى , مجموعه شركات الانصار
Date Posted: 2017/04/30

CONTRA ASSET IS AN ASSETS ACCOUNT

Anand Belavendiren
by Anand Belavendiren , Head of Accounting & Operations , The Lilly of the Valleys Educational Trust

Contra Asset account is an Asset Account. 

 

Eg: Accumulated Depreciation account is a Contra asset account which is reported along with the asset accounts under the head "Fixed Assets"

Amanullah khan
by Amanullah khan , H R Manager , Win Pipe Industries (Pvt) Ltd.

Neither asset account nor liability account .

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