Internal controls in accounting are used to reduce the risk of fraud and error in the bookkeeping and accounting system. The level of internal controls used will depend on the nature and size of the business involved.
Accounting Internal Controls January 6th, 2017Team
Contra means against. In bookkeeping terms, a contra expense account refers to an account which is offset against an expense account.
As an expense account is normally a debit balance, a contra expense account will normally be a credit balance. When the two balances are offset against each other they show the net balance of both accounts.