Contra Definition & Meaning

Contra Definition & Meaning

6 februarie 2020
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The music played includes, but is not limited to, Irish, Scottish, old-time, bluegrass and French-Canadian folk tunes. The fiddle is considered the core instrument, though other stringed instruments can be used, such as the guitar, banjo, bass and mandolin, as well as the piano, accordion, flute, clarinet and more. Techno contra dances are done to techno music, typically accompanied by DJ lighting. Music in a dance can consist of a single tune or a medley of tunes, and key changes during the course of a dance are common.

During bull markets, cyclical sectors such as technology and financials perform well and get more expensive in terms of price, while contra market sectors such as consumer staples and utilities underperform. This provides investors with an opportunity to accumulate contra market stocks at lower prices and more attractive valuations. Possibly an investor believes the broader market will decline, and so they wish to gain some protection, or possibly profit, by moving some or all of their funds into contra markets. Or possibly the investor is a contrarian, meaning they prefer to buy or sell assets that go against the flow of the broader market or economy. The investor may also simply want to diversify and not hold only assets that tend to move in the same direction. An event which consists primarily (or solely) of dances in this style is sometimes referred to as a „modern urban contra dance”.

Contra Asset Account – A contra asset account is an asset that carries a credit balance and is used to decrease the balance of another asset on the balance. Most accountants choose to record the depreciation over the useful life of an item in the accumulated depreciation contra asset account, which is a credit account. The balance sheet would show the piece of equipment at its historical cost, then subtract the accumulated instructions 2020 depreciation to reflect the accurate value of the asset. This account appears next to the current asset Accounts Receivable. The account Allowance for Doubtful Account is credited when the account Bad Debts Expense is debited under the allowance method. The use of Allowance for Doubtful Accounts allows us to see in Accounts Receivable the total amount that the company has a right to collect from its credit customers.

The NES version was also a critical and commercial success, with Electronic Gaming Monthly awarding it for being the Best Action Game of 1988. In the credit side of the contra book ‘By Bank A/c’ will be entered under the particulars column and the amount will be entered in the cash column. It’s usual business practice to maintain an account known as ‘Petty Cash’ with a small amount of cash to meet tiny expense such as courier, refreshments, stationeries etc. Whenever such small expenses are to be paid, the petty cash vouchers are used and paid from petty cash. There are a couple of moves where starting on the right or left may be important, but generally Contra dancing is more about body-position in relationship to the other dancers, than it is about what order you put your feet down. The player starts with three lives, which are represented by medals.

  • The original arcade versions of Contra and Super Contra were ported to several computer platforms in North America and Europe during the late 1980s and 1990s.
  • The S&P bottomed in early 2009 and continued to rise into 2019, with several corrections.
  • Another type of contra account is known as “contra revenue,” which is used to adjust gross revenue to calculate net revenue, i.e. the “final” revenue figure listed on the income statement.
  • The company has a contra asset account for accumulated depreciation expense and a separate asset account for equipment cost.

When the jump button is pressed while crouching on a higher platform, the character will drop down to a lower level. Contra Equity Account – A contra equity account has a debit balance and decreases a standard equity account. Treasure stock is a good example as it carries a debit balance and decreases the overall stockholders’ equity.

In the lines, after every cycle through the dance pattern (64 beats of music), each couple will progress down the line to a new couple where they will do the pattern anew. Though the pattern is defined, there are some opportunities for improvising by experienced dancers who may add some extra turns or twirls to the pattern as time and space permits. All in all, contra accounts are an important tool for businesses to use to understand their financial standing better. Contra accounts play an important role in accounting by helping businesses track certain aspects of their finances more accurately.

contraband

The credit balance in the account Allowance for Doubtful Accounts tells us how much of the debit balance in Accounts Receivable is unlikely to be collected. Contra assets are accounts in the general ledger—where you enter your transactions—that carry a balance used to offset the account with which it is paired. Instead of debiting the asset account directly, the contra asset account balance will be credited (reduced) separately. It would give a more accurate picture of the company’s fixed assets.

The contra equity account would be used to offset the equity account on the balance sheet. A Contra liability account is an account that is used to offset another liability account on the balance sheet. Contra liability accounts are typically used for bonds, notes payable, and other indebtedness. Contra[a] is a video game series produced by Konami composed primarily of run and gun-style shooting games.

What is Contra in Accounting?

As a result, utility stocks were out of favor and subsequently cheaper. This may have attracted some contra investors to start accumulating positions in these underperformers in the hopes that they will perform better in the future. Treasuries and gold, which have the greatest appeal during economic turmoil, are also classic examples of contra market plays. Now let’s move on to counter-, a variant of contra-, which also means “opposite” or “against.” If you counter an argument, you are providing an “opposite” viewpoint, thus going “against” what has been said. A weight or force that counterbalances another goes “against” it to even things up. When you counteract a proposal, you do things “against” it, just like counterattacking something is going “against” it after being attacked first.

Contra Account Examples

To record contra entries, traditionally a cash book with cash and bank columns is prepared where both the aspects of the transaction will be entered in the same book which is Contra Book. In the below table, we have mentioned different types of business transactions and some of them are contra entry. While successful in the arcades, the game became, and remained, wildly popular and remembered when it was ported to Nintendo Entertainment System in 1988, right after its arcade release a year prior.

Examples of Contra Entry

When combined, the AR account and the allowance for doubtful accounts contra assets offer a projection of how much net cash is expected to be received from outstanding accounts. A contra equity account is an account that is used to offset another equity account on the balance sheet. Contra equity accounts are typically used for a company to buy back its stock or shares. An allowance for doubtful accounts is a contra asset account that is used to offset Accounts Receivable on the balance sheet. This account is used to estimate the amount of money that is not likely to be collected from customers.

This depreciation is saved in a contra asset account called accumulated depreciation. The accumulated depreciation account has a credit balance and is used to reduce the carrying value of the equipment. The balance sheet would report equipment at its historical cost and then subtract the accumulated depreciation. A contra asset account is an account that is used to offset another fixed asset account on the balance sheet. Contra asset accounts are typically used for accumulated depreciation, amortisation, and other accounting adjustments. For example, a company might have a contra asset account for depreciation expense and a separate asset account for equipment cost.

Contra tunes are played at a narrow range of tempos, between 108 and 132 bpm. A single dance runs around ten minutes, long enough to progress at least 15–20 times. If the sets are short to medium length the caller often tries to run the dance until each couple has danced with every other couple both as a one and a two and returned to where they started. A typical room of contra dancers may include about 120 people; but this varies from 30 people in smaller towns, to over 300 people in cities like Washington DC, Los Angeles, or New York. With longer sets (more than 60 people), one dance typically does not allow dancing with every dancer in the group. The same is true for other asset accounts like accounts receivable.

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