The Standard for Commercial Impracticability Is

question 32

Multiple Choice

The standard for commercial impracticability is:

• A) hypothetical.
• B) conjectural.
• C) objective.
• D) subjective.

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Definitions:

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditures to the appropriate period.

Bad Debt Expense

The cost associated with accounts receivable that a company does not expect to collect due to customer default.

Allowance For Doubtful Accounts

The contra asset account for accounts receivable.

Adjusting Journal Entry

A record in accounting that is used to adjust incomes and expenses to match the accounting period in which they actually occurred.