Under the Allowance Method of Accounting for Bad Debts, Why

question 148

Multiple Choice

Under the allowance method of accounting for bad debts, why must uncollectible accounts receivable be estimated at the end of the accounting period?

• A)To allow the collection department to schedule work for the next accounting period.
• B)To determine the gross realizable value of accounts receivable.
• C)The IRS rules require the company to make the estimate.
• D)To match bad debt expense to the period in which the revenues were earned.

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Definitions:

Structured Review

A systematic approach to evaluating a piece of work, such as a document or project, against predefined criteria.

Completed Project

A project that has been finished, fulfilling all its objectives and requirements within the predetermined scope, time, and budget.

Lessons Learned

Knowledge gained from experiences, often used as a way to continuously improve processes and practices.

Profitability Ratios

Financial metrics used to evaluate a company's ability to generate profit in relation to its revenue, assets, or equity.