The Contra-Asset Account Used to Reduce Accounts Receivable to Its

question 121

Short Answer

The contra-asset account used to reduce accounts receivable to its net realizable value is __________.

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Definitions:

Patent

A legal document granted by a government agency that gives an inventor exclusive rights to use, make, and sell an invention for a certain period of time.

Property Right

A legal right or interest in a property that allows the holder to use, modify, or transfer the property within the bounds of the law.

Federal Government

refers to the national government of a country, which is responsible for governing the country as a whole, as opposed to state, provincial, or local governments.

Clean Water Act

In environmental law, a federal statute that sets requirements for limiting the pollution of the nation’s water sources according to a schedule, based on the most effective technology currently available.