Table of Contents
What does word Contra mean?
against
1 : against : contrary : contrasting contradiction. 2 : pitched below normal bass. contra. preposition. con·tra | \ ˈkän-trə \
What does Contra mean Latin?
opposite
The prefix contra- and its variant counter- mean “opposite” or “against.” For instance, the prefix contra- gave rise to the words contradict and contrast, whereas the variant spelling counter- gave rise to counteract and counterfeit.
Where does the word contra come from?
contra- comes from Latin, where it has the meaning “against, opposite, opposing. ” This meaning is found in such words as: contraband, contraception, contradict, contrary.
Does Contra mean free?
a prefix meaning “against,” “opposite,” “opposing”: contradistinction.
How do you use Contra?
A contra account is used in a general ledger to reduce the value of a related account when the two are netted together. A contra account’s natural balance is the opposite of the associated account. If a debit is the natural balance recorded in the related account, the contra account records a credit.
What does Contra deal mean?
barter
When parties decide to barter or exchange goods and/or services without cash changing hands, this is sometimes described as a ‘contra’ deal.
What is a contra item?
Contra asset accounts include allowance for doubtful accounts and accumulated depreciation. Contra asset accounts are recorded with a credit balance that decreases the balance of an asset. A key example of contra liabilities include discount on notes or bonds payable. Contra liabilities hold a debit balance.
What is a contra account examples?
An account with a balance that is the opposite of the normal balance. Other examples include (1) the allowance for doubtful accounts, (2) discount on bonds payable, (3) sales returns and allowances, and (4) sales discounts. The contra accounts cause a reduction in the amounts reported.
Are Contras legal?
Many small business owners don’t realise that contra deals or barter transactions still need to be treated like any other sale including issuing invoices. When you make a trade exchange, whether or not you are part of a registered bartering network, it is a taxable sale and there will be a tax liability including GST.
By definition, a contra deal (or contra agreement) is where a business will exchange their own goods and/or services for the goods and/or services of another, typically without the exchange of money. Because of what you and your business could gain. In digital, you have access to targeted online traffic.
What are contra assets for?
What is a Contra Asset? A contra asset is a negative asset account that offsets the asset account with which it is paired. The purpose of a contra asset account is to store a reserve that reduces the balance in the paired account.
What does contra account mean?
A contra account is an account used in a general ledger to reduce the value of a related account. They are useful to preserve the historical value in a main account while presenting a decrease or write-down in a separate contra account that nets to the current book value.