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Finance Dictionary and Glossary of Investment Terms
Contra Account
Definition 1.
An account on the balance sheet of a corporation or entity that offsets the balance of a related and corresponding account.
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Definition 2.
An account which offsets another account. A contra-asset account has a credit balance and offsets the debit balance of the corresponding asset. A contra-liability account has a debit balance and offsets the credit balance of the corresponding liability.
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