A(n)____________________ Clause Provides a Concise Way of Phrasing Certain Conditions

question 20

Short Answer

A(n)____________________ clause provides a concise way of phrasing certain conditions.​

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Definitions:

Contra Asset

An asset account where its balance is opposite of the normal balance, used to offset the balance of a related account, such as allowance for doubtful accounts offsetting accounts receivable.

Expense

An outflow of money to another person or company to pay for an item or service, or for a cost required to operate a business.

Allowance for Doubtful Accounts

A contra-asset account that estimates the portion of accounts receivable which may not be collectible.

Adjusted

Changed or modified to reflect a more accurate valuation or account of a particular item or financial record.