Contra Account
A contra account offsets the balance of a related account. For example, accumulated depreciation is a contra asset account that reduces the value of fixed assets. These accounts help provide more accurate reporting by showing gross vs. net values in financial statements.
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Capital
Capital refers to the funds or assets invested in a business by its owners or shareholders. It includes both cash…
Controlling Interest
Controlling interest in the ownership of more than 50% of a company’s voting shares, giving the holder authority to make…
Conservatism Principle
An accounting concept requiring that potential losses be recognised immediately, but gains only when realised. It ensures financial statements are…
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