The significance and role of contra-asset accounts in accounting theory and practice

Subject. This article deals with the issues of classification of accounts by purpose and structure, as well as the application of contra-asset accounts. Objectives. The article aims to assess the significance and role of contra-asset accounts in the accounting system in its theoretical and practical aspects, as well as clarify the name of this classification group of accounts. Methods. For the study, we used the methods of information retrieval, generalization, modeling, analysis and synthesis. Results. Based on the study and generalization of theoretical provisions that reveal the issues and problems of the use of accounting accounts, the article presents proposals for clarifying the classification of contra-asset accounts and determines their theoretical and practical significance in the formation of information in the accounting system and financial reporting. Conclusions and Relevance. The use of the results of the study can help deeper understand the significance and role of contra-asset accounts and the multifunctional nature of information provided by their use in the formation of accounting (financial) statements and the solution of various management tasks for the management of processes related to the acquisition, use, storage, assessment of the state of objects recorded in the main accounts. This will create prerequisites for the competent use of this group of accounts in the practical activities of accountants. The materials of the study can be used to study and teach the theory of accounting, financial accounting, accounting (financial) reporting, as well as in the practical activities of specialists in the field of accounting.