All of the Statements Below Are Examples of Estimation or Invented

question 19

Multiple Choice

All of the statements below are examples of estimation or invented strategies for adding and subtracting fractions EXCEPT:

• A)Decide whether fractions are closest to 0,12,or 1.
• B)Look for ways different fraction parts are related.
• C)Decide how big the fraction is based on the unit.
• D)Look for the size of the denominator.

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Definitions:

Allowance for Doubtful Accounts

A contra-asset account that reduces accounts receivable to its net realizable value, representing estimated uncollectible amounts.

Liability Account

An accounting record that tracks the money owed by a business to creditors, lenders, and suppliers, part of the company's liabilities.

Direct Write-Off Method

This accounting practice writes off bad debts directly against income at the time they are determined to be uncollectible, bypassing any allowance account.

Allowance for Doubtful Accounts

This is an estimation of the amount of receivables that a company does not expect to actually collect, reflecting potential losses due to customers' inability to pay.