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What is the definition of offset accounting?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kruthika asked almost 3 years ago

Hi I am Kruthika. I am preparing for CA exam. May I know, What is the definition of offset accounting?

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered over 2 years ago

offset accountin means When you enter an accounting entry, you often cancel it with an equal entry that is its opposite. This cancellation of one entry by another in the general ledger is a form of offsetting. However, offset accounting generally refers to the creation of contra accounts to offset, or net, one account from another on the balance sheet.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

offset accountin means When you enter an accounting entry, you often cancel it with an equal entry that is its opposite. This cancellation of one entry by another in the general ledger is a form of offsetting. However, offset accounting generally refers to the creation of contra accounts to offset, or net, one account from another on the balance sheet. Offset accounting also refers to the partial or full offsetting of debt of one party by another.

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Open uri20170510 32134 s5bvk0?1494421637 ARJUN PRATAP SINGH answered almost 3 years ago

Dear Friend, as far as your query is concerned that What is the definition of offset accounting? Let me informed that offset accountin means When you enter an accounting entry, you often cancel it with an equal entry that is its opposite. This cancellation of one entry by another in the general ledger is a form of offsetting. However, offset accounting generally refers to the creation of contra accounts to offset, or net, one account from another on the balance sheet. Offset accounting also refers to the partial or full offsetting of debt of one party by another. Hope answer was helpful to you Regards, Arjun Pratap Singh

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