Examlex
The production-volume variance only exists under variable costing and not under absorption costing.
Account Receivable
Funds that customers owe a company for products or services received but not yet compensated for.
Written Off
Written off involves removing an asset or debt from a company’s financial statements, acknowledging that the asset has lost all value or the debt cannot be collected.
Reinstated
The act of restoring something to its previous condition or position, such as reinstating an employee after suspension or a policy after being temporarily revoked.
Allowance Account
An account used in accounting to record reductions in the value of receivables, such as allowances for doubtful accounts.
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