Examlex
A contract is a mutually binding agreement that obligates the seller to provide the specified products or services,and obligates the buyer to pay for them.
Cash Realizable Value
The amount of money that can be received from assets or receivables through normal collection processes.
Allowance Method
A method of accounting for bad debts that involves estimating uncollectible accounts at the end of each period.
Credit Sales
Sales made by a business where payment is delayed as per agreed terms, allowing the buyer to purchase goods or services on credit.
Allowance for Doubtful Accounts
A financial account used by companies to account for the percentage of accounts receivable that may not be collected due to customer defaults.
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