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Mark fails to reveal a material fact in a business deal with Nancy. This constitutes fraudulent misrepresentation if
Bad Debt Expense
The estimated amount of credit sales that a company does not expect to collect due to customer's inability to fulfill payment obligations.
Uncollectible
Financial term referring to accounts receivable that are considered unlikely to be collected due to debtor default.
GAAP
Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.
Allowance Method
An accounting technique used to account for bad debts by estimating uncollectible accounts at the end of each period.
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