Examples of contra in the following topics:
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- The Iran–Contra affair was a political scandal in the United States that came to light in November 1986.
- Under the Boland Amendment, Congress had prohibited further funding of the Contras by the government.
- Contra militants based in Honduras waged a guerilla war to topple the then-Marxist government of Nicaragua.
- While President Ronald Reagan was a supporter of the Contra cause, the evidence is disputed as to whether he authorized the diversion of the money raised by the Iranian arms sales to the Contras.
- Pro-Contra propaganda by the U.S.
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- -funded air shipments of supplies to the Contras.
- The Iran–Contra affair was a political scandal in the United States that came to light in November of 1986.
- Contra militants based in Honduras waged a guerilla war to topple the then-Marxist government of Nicaragua.
- Direct funding by the United States of the Contras insurgency had been made illegal through the Boland Amendment.
- While President Reagan was a supporter of the Contra cause, the evidence is disputed as to whether he authorized the diversion of the money raised by the Iranian arms sales to the Contras.
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- Reagan's involvement in the Middle East is most known for the Beirut Barracks Bombing, the 1986 bombing of Libya, and the Iran-Contra affair.
- His first term was marked by the Beirut Barracks Bombing, while his second term is known for the 1986 bombing of Libya and the revelation of the Iran-Contra affair.
- In 1986, a scandal shook the Reagan administration stemming from the use of proceeds from covert arms sales to Iran to fund the Contras in Nicaragua—activity which had been specifically outlawed by an act of Congress.
- The Iran-Contra affair became the largest political scandal in the United States during the 1980s.
- Reagan’s desire to aid the Contras even after Congress ended its support led him, surprisingly, to Iran.
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- Such a reserve (an asset or a contra-asset) represents the difference in cost of inventory under the FIFO and LIFO assumptions.
- In this instance, the LIFO reserve is a contra inventory account that will reflect the difference between the FIFO cost and LIFO cost of its inventory.
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- Year end calculations reveal the goodwill is valued at $8 million and an impairment loss of $1 million is recorded as a debit to Loss on Goodwill Impairment on the income statement and a credit to Accumulated Impairment Losses on the balance sheet (disclosed as a contra asset account to goodwill).
- Goodwill's value on the balance sheet is reported at net of accumulated impairment loss, a contra asset account; the current impairment loss is reported on the income statement.
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- All accounts have corresponding contra accounts depending on what transaction has taken place; i.e., when a vehicle is purchased using cash, the asset account "Vehicles" is debited as the vehicle account increases, and simultaneously the asset account "Bank" is credited due to the payment of the vehicle using cash.
- Some balance sheet items have corresponding contra accounts, with negative balances, that offset them.
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- Contra-accounts: from the term ciccia, meaning to deduct, these accounts are opposite to the other five above mentioned types of accounts.For instance, a contra-asset account is accumulated depreciation.This label represents deductions to a relatively permanent asset like a building.It accumulates an annual charge in recognition that a fixed asset like a building is not used up over the course of a year, but that it has a useful life measured in multiple years.Since in certain countries and under certain economic conditions real estate tends to steadily rise in price, perhaps a better example is a truck purchased for use in the business.Its value is more likely to continue to decrease over the years.Even though the market value of a building might increase rather than decrease over the years, accountants will still reduce its value by an annual depreciation charge each year.This is a good example of how financial accounting differs from managerial accounting from the owner's perspective.Depreciation on a building or a truck reduces income for tax purposes in most countries, so it is to the owner's advantage to reflect depreciation charges in the company's accounting records.On the other hand, you can bet that the owner knows the true market value of the building when it comes time to sell it!
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- Since the specific customer accounts that will become uncollectible are not yet known when the adjusting entry is made, a contra-asset account named allowance for bad debts, which is sometimes called allowance for doubtful accounts, is subtracted from accounts receivable to show the net realizable value of accounts receivable on the balance sheet.
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- The first method is the allowance method, which establishes a contra-asset account, allowance for doubtful accounts, or bad debt provision, that has the effect of reducing the balance for accounts receivable.
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- It is disclosed on the income statement and appears as a contra-asset account on the balance sheet.