The Use of the Bad Debt and Allowance Accounts Is

question 87

Multiple Choice

The use of the bad debt and allowance accounts is required under which accounting concept?

• A) The revenue recognition principle
• B) The matching principle
• C) The materiality principle
• D) The monetary unit principle
• E) Cost principle

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Definitions:

Symbolic Function

The ability of a person, especially a child during developmental stages, to represent objects, people, and events with symbols or words.

Concrete-Operational Stage

A stage in Piaget's theory of cognitive development, occurring roughly between the ages of 7 and 12 years, during which children gain a better understanding of mental operations and physical concepts.

Conservation Of Liquid

a cognitive skill, identified by Piaget, that allows a child to understand that the quantity of a liquid remains the same despite changes in the shape of its container.

Conservation

The understanding that certain properties of objects, like volume or mass, remain the same despite changes in the objects' form or appearance.