Generally Accepted Accounting Principles Do Not Normally Allow the Use

question 48

True/False

Generally accepted accounting principles do not normally allow the use of the direct write-off method of accounting for uncollectible accounts.

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Definitions:

Method of Residues

A method of scientific reasoning where one deducts from a complex set of phenomena the parts already explained, in order to isolate the remainder for new analysis.

Necessary Condition

A prerequisite that must be present for a certain effect or outcome to occur.

Sufficient Condition

A condition that, if satisfied, guarantees the occurrence or truth of another condition but isn't necessarily required for the latter's occurrence.

Method of Difference

A scientific research method used to identify the cause-effect relationship between variables by changing one variable at a time while keeping others constant.