In the Standard Accounting System,we Use Double Entry Accounting,which Means

question 105

True/False

In the standard accounting system,we use double entry accounting,which means we record the dual effects of each transaction.

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Definitions:

Uncollectible

Refers to debts that have been deemed uncollectible from debtors, often written off as a loss by the business.

Income Statement Approach

A method for preparing the bad debt expense by estimating the amount of accounts receivable that will not be collected and adjusting the allowance for doubtful accounts accordingly.

Bad Debts Expense

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

Receivables

Receivables, often called accounts receivable, are the funds owed to a company by clients or customers for goods or services already delivered or used but not yet paid for.