The Accounting Concept or Principle Applied When an Allowance Is

question 47

Multiple Choice

The accounting concept or principle applied when an allowance is provided for estimated uncollectible accounts receivable is:

• A)consistency.
• B)matching revenue and expense.
• C)original cost.
• D)objectivity.

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Definitions:

Worth

A rephrased definition of value; the measured or perceived usefulness, importance, or general merit of something or someone.

Cost

The value or price associated with acquiring, producing, or maintaining something, often considered in decision-making processes.

Costs Of Delay

The potential negative consequences or losses associated with postponing decisions or actions.

Distributive Bargaining Strategies

Negotiation tactics focused on dividing limited resources between parties, where one party's gain is another's loss.