Examlex
What is the swelling at the corner of this child's eye called?
Contra-Asset
An account that decreases the balance of its associated asset account through a contra entry.
Supplies
Consumable items used in day-to-day operations of a business or office, such as stationery, paper, and cleaning products.
Expenses
Outflows or other uses of assets or incurrence of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.
Assets
Resources owned or controlled by a business, considered to have economic value and expected to benefit future operations.
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