Private Accountants Work for Private Citizens Who Are Not Part

question 56

True/False

Private accountants work for private citizens who are not part of a firm,while public accountants work internally for publicly traded companies.

---

Definitions:

Bad Debts Expense

The portion of receivables that a company does not expect to collect and writes off as a loss.

Gross Accounts Receivable

The total amount owed to a company by its customers for goods or services sold on credit before any deductions for returns or allowances.

Aging of Accounts Receivable

The process of categorizing accounts receivable according to the length of time an invoice has been outstanding.

Age Group

A classification of people based on their age, often used in demographics and marketing.