Pieces of Property That Serve as a Store of Value

question 109

Multiple Choice

Pieces of property that serve as a store of value are called

• A)assets.
• B)units of account.
• C)liabilities.
• D)borrowings.

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Definitions:

Allowance Method

An accounting technique that estimates and deducts accounts receivable that are not expected to be collected to better represent net realizable values.

Uncollectible Accounts

Accounts receivable that are deemed to be uncollectible, leading to their removal from the accounts through a write-off process.

Write Off

The accounting action of declaring that an asset is partially or completely worthless.