Match the Following Definitions with Their Appropriate Terms

question 96

Multiple Choice

Match the following definitions with their appropriate terms .
-Direct write-off method

• A)A receivable arising from the sale of goods or services
• B)A form used to categorize the various individual with a verbal promise to pay. accounts receivable according to the length of time each has been outstanding.
• C)A method of estimating bad debts on the basis of either
• D)A measure of the number of times receivables are the net credit sales of the period or the accounts collected in a period. receivable at the end of the period.
• E)The general ledger account that is supported by a
• F)A contra-asset account used to reduce accounts subsidiary ledger. receivable to its net realizable value.
• G)The detail for a number of individual items that
• H)The recognition of bad debts expense at the point an collectively make up a single general ledger account. account is written off as uncollectible.

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Definitions:

Bankruptcy Petition

A formal request filed in court by an individual or business declaring inability to pay outstanding debts, seeking relief under bankruptcy laws.

Attorney-Client Privilege

A legal principle that protects communications between attorneys and their clients as confidential.

Client Confidentiality Rule

A principle that obligates lawyers, and certain other professionals, to keep information relating to their clients secret, unless the client gives consent to disclose such information.

Professional Relationship

A formal association between individuals or entities in a business or professional setting, characterized by mutual respect and often involving collaboration.