On the Balance Sheet,the Amount Shown for the Allowance for Doubtful

question 129

Multiple Choice

On the balance sheet,the amount shown for the Allowance for Doubtful Accounts is equal to the

• A)uncollectible accounts expense for the year
• B)total of the accounts receivables written-off during the year
• C)total estimated uncollectible accounts as of the end of the year
• D)sum of all accounts that are past due

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Definitions:

Note

A written promise to pay a specific sum of money to a specific person or bearer on demand or at a specified future time.

National Bank

A financial institution chartered and regulated by the federal government, usually involved in commercial banking services.

Drawee's Liability

The responsibility of the drawee (typically a bank) to pay the amount specified on a draft or check when properly presented for payment.

Certifies

The act of officially recognizing something as true, accurate, or in compliance with a particular standard.