The Assignment of the Same Contract Right to Two Different

question 1

True/False

The assignment of the same contract right to two different parties automatically cancels both assignments.​

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Definitions:

Cash Realizable Value

The amount of cash expected to be obtained from the current sale or disposal of an asset after deducting any selling costs.

Accounts Receivable

Amounts outstanding from customers to a firm for goods or services that have been supplied but remain unpaid.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of a company's accounts receivable that may not be collectable.

Bad Debt Expense

The portion of receivables that a company estimates it will not collect, considered as an expense in the income statement.