A contra account is a general ledger account used to reduce the value of a related account. Learn about the types of contra accounts and why they're important.

Accounting Definitions of Contra-Revenues vs. Expenses. In a company's financial records, contra-revenues and expenses produce the same ultimate result: They both reduce net income. The difference ...

So do revenue accounts, equity accounts and contra-asset accounts. Like a contra revenue account, contra asset accounts include items that lower the value of your assets.