Equitable Rules Intended to Be Broad Statements of Rules That

question 53

Short Answer

Equitable rules intended to be broad statements of rules that are based on notions of fairness and justice are referred to as equitable _______ .

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Definitions:

Uncollectible Receivables

Debts owed to a company that are considered to be uncollectable and are written off as a loss.

Debit Balance

Occurs when the total of debits in an account exceeds the total of credits, which can be typical for accounts like expenses, assets, and losses.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of a company's accounts receivable that may not be collectible.

Allowance for Doubtful Accounts

A contra-asset account that represents the estimated portion of accounts receivable that may not be collectible.