A Contract Must Be in Writing to Be Enforceable If

question 1

True/False

A contract must be in writing to be enforceable if it makes performance possible only over a period of more than one year.​

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Definitions:

Uncollectible Accounts Receivable

Accounts receivable that are considered to be uncollectible due to the inability of the customers to pay.

Journal Entries

Recorded transactions in the accounting system, documenting financial changes in accounts.

Percent of Sales

Percent of sales is a financial analysis tool that helps in estimating how certain accounts, like revenue and expenses, will vary in proportion to changes in sales.

Bad Debts

Debts that are not recoverable and are written off as a loss by the business because they cannot be collected.