Examlex
The Allowance for Bad Debts account is added to the Accounts Receivable account on the balance sheet.
Public
The general population or community at large, often in relation to matters of public interest or public spaces.
Personal Guarantee
A commitment by an individual to assume responsibility for the financial obligations of another party, typically in the context of a loan or lease.
Separate Legal Entity
A legal entity, such as a corporation, that is legally distinct from its owners, allowing it to own property, incur debts, and be sued independently.
Legal Fiction
A fact assumed or created by courts for legal reasons, especially one that is contrary to the actual fact, but is used to enable a legal decision.
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