In the 1600s, Nicolaus Steno Proposed

question 34

Multiple Choice

In the 1600s, Nicolaus Steno proposed

• A) the principle of uniformitarianism.
• B) taphonomy.
• C) the law of stratigraphy.
• D) the law of superposition.

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Definitions:

Direct Write-off Method

A method of accounting for bad debts that directly writes off specific debts as they are deemed unrecoverable.

Uncollectible Accounts

Uncollectible accounts are debts from customers that a company has attempted to collect but determined they cannot be recovered and are thus written off as a loss.

Expense Recognition Principle

An accounting principle that dictates the conditions under which an expense is recognized and reported in the financial statements.

Percent of Receivables Method

An accounting technique used to estimate the amount of a company's accounts receivable that will not be collected, based on a percentage of the total accounts receivable.