The Allowance for Uncollectible Accounts Is Classified As

question 127

Multiple Choice

The Allowance for Uncollectible Accounts is classified as:

• A)a contra-expense account.
• B)a contra-revenue account.
• C)a contra-asset account.
• D)an asset account.

Understand the role of key figures and innovations in the development of various industries.

Recognize the regional economic disparities and their historical causes and implications.

Understand the principles and methods of asset depreciation, including different methods of calculating depreciation.

Identify the costs that are included in the purchase of land, buildings, and equipment.

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Definitions:

Revenues

Revenues are the total amount of money earned by a company for selling its goods, services, or both, within a certain accounting period.

Expenses

Costs incurred by a business or individual in the process of earning revenue.

Owner Financing

A method of financing in which the seller of a property provides a loan to the buyer directly, often with flexible terms.

Creditors Or Lenders

Individuals or institutions that lend money or extend credit to others, with the expectation of being repaid with interest.