What is Considered A Contra Asset Account

A Contra Asset Account is the reversal of relevant asset accounts. Major examples of contra asset accounts include Allowance for Doubtful Accounts, Accumulated Depreciation, Accumulated Amortization, etc.

What Type of Account is A Contra Asset

Contra asset account is a contra real account as Real Accounts are related with asset accounts.

 

Do Contra Assets Go On The Balance Sheet

A contra asset account goes on Balance Sheet as a reversal of relevant asset account such as allowance for doubtful accounts is deducted from closing balance of Accounts Receivable, accumulated depreciation is deducted from the cost of relevant fixed assets / non current assets on balance sheet.

So, we can say that a contra asset account is a contra real account and it is a reversal of relevant asset accounts on balance sheet.