Which One of the Following Is an Accurate Description of Allowance

question 117

Multiple Choice

Which one of the following is an accurate description of Allowance for Doubtful Accounts?

• A)Contra account
• B)Liability account
• C)Revenue account
• D)Expense account

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Definitions:

Vicarious Liability

A legal principle that holds an entity or individual responsible for the actions of another party, typically in an employer-employee relationship.

Personal Fault

An individual's responsibility or blame for a mistake, accident, or wrongdoing, often influencing legal judgments or penalties.

Torts Committed

Acts or omissions leading to injury or harm to someone else, resulting in legal liability for the person responsible.

Course of Employment

Activities or duties performed by an employee that are part of their job responsibilities and typically within the scope of their employment.