Please Define the Following Key Terms

question 90

Short Answer

Please define the following key terms.
-rap and Grandmaster Flash

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Definitions:

Uncollectible Accounts

Uncollectible accounts are debts from customers that a company has attempted to collect but determined they cannot be recovered and are thus written off as a loss.

Expense Recognition Principle

An accounting principle that dictates the conditions under which an expense is recognized and reported in the financial statements.

Percent of Receivables Method

An accounting technique used to estimate the amount of a company's accounts receivable that will not be collected, based on a percentage of the total accounts receivable.

Perpetual Inventory System

This is an accounting method that continuously updates inventory records for each sale or purchase of inventory.