Contra Asset vs Contra Revenueโฆ. If you are wondering what is the difference between a contra asset account and a […]
Modified accrual accounting recognizes revenues only when measurable and available. And recognize expenses when they incur.
When an asset losses its value or there is a reduction in its market value, this reduction in value is referred to as Asset Impairment.
A contra account reduces the balance of its associated account and also recognizes the reason for reducing it.
A suspense account is used for an unidentified transaction. As soon as that it becomes identified, record them in their respective accounts.
Cash basis vs accrual basis accounting?ย Ahh! Confusing- what are they? Why and how Cash basis accounting is different from accrual
Accrual accounting is an accounting method that records revenues and expenses when they incur- same accounting period.
