A Duty to Report Refers to a Professional's Obligation to Report

question 84

True/False

A duty to report refers to a professional's obligation to report any suspected abuse or neglect when there are reasonable grounds for believing a child may be in need of protection.

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Definitions:

Doubtful Accounts

Accounts receivable that a company does not expect to collect fully.

Credit Balance

A credit balance occurs when the total credits in an account exceed the total debits, indicating the amount owed to the account holder or in the case of financial statements, to the creditor.

Factoring

A financial transaction where a business sells its accounts receivable to a third party (factor) at a discount to get immediate cash.

Nontrade Receivables

Amounts owed to a business that are not related to the sale of goods or services, such as tax refunds, advances to employees, or insurance claims.