Using an Allowance Method of Accounting to Recognize Uncollectible Accounts

question 82

Multiple Choice

Using an allowance method of accounting to recognize uncollectible accounts receivable is an application of which accounting convention?

• A)revenue recognition
• B)historical cost
• C)matching principle
• D)period of time

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Definitions:

Abbreviation

A shortened form of a word or phrase, typically used to save space or for convenience.

Unequal Tolerances

Tolerances that are not symmetrical, indicating different allowance limits for deviation above and below the nominal dimension.

Upper

In technical and engineering drawings, refers to the part or section above a specified reference point or line.

Lower

To decrease in position, value, or condition.