A contra asset account has what type of balance? DEBIT-- CREDIT -- CONTRA -- ALL OF THE ABOVE

par mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

Contra Asset : has Credit Balance

like Accumulated depreciation

and Allowance for doubtful accounts

Contra Assets Accounts deducted from Assets when reporting Balance Sheet

par Sara Khan , financial and admin assistant , Ministry Of Defence

Glad to see invitation from you Sir after six months :) ... your questions are good source to acknowledge myself answer is CREDIT balance...Thank you

par SYED KASHIF HUSSAIN , INCHARGE OPERATIONS RETAIL AND CONSUMER BANKING , BANK ALFALAH LIMITED

Credit - ........................

par Mehboob Ali Laghari , Social Mobilization Team Incharge , TRDP-European Union

Credit...................................................Thank you

par Muhammad Anas Bin Fareed , Senior Accountant , Ghoury Engineering Company

A contra asset account must have a CREDIT balance

par MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.

I agree with all, who the answer is credit.......

Thank you

par Ahmed Husseini CMA , Finance Manager , Al Jabr Holding

Credit .......................................... Thanks

par Roger Ordoyo , Finance Accounts Manager , Abdul Latif Jameel.

Contra means its opposite of a Balance Sheet normal Balance Account.

Allowance for Doubtful Account - It's a Contra Asset Account(Accounts Receivables)

Treasury Stock - It's a Contra-Equity Account.

For that specific question its CREDIT but never be Offsetted should be shown on the face of FS or if offsetted should be disclosed on the Notes to FS.

par Mohd Nadeem , Senior Accountant , Alliance Prime Accounting & Tax Consultancy

contra assets account has a credit balance