kruthika
asked over 3 years ago
Hi I am Kruthika. I am preparing for CA exam. May I know, What is the definition of offset accounting?
acharya
answered over 3 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.
narahari
answered over 3 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.
ARJUN PRATAP SINGH
answered over 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
