Old Systems Are Known as Legacy Systems

question 2

True/False

Old systems are known as legacy systems.

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Definitions:

Allowance for Doubtful Accounts

A contra asset account used to estimate the amount of receivables that may not be collected.

Accounts Receivable

The money owed to a company by its customers for goods or services delivered on credit.

Cash Realizable Value

The amount of money that could be received from selling or disposing of an asset after accounting for all associated costs.

Accrued Interest

Interest that has accumulated over a period of time but has not yet been paid.