What is Considered A Contra Asset Account
A Contra Asset Account is t he reversal of releva nt 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.