Examlex
Francesca cannot serve as a trustee in a bankruptcy case because she is not a lawyer.
Allowance Account
A contra-asset account used to record adjustments to accounts receivable, reflecting the amounts expected not to be collected.
Uncollectible
Refers to accounts receivable that are considered to be uncollectable from debtors due to their inability to pay.
Credited
A term used in accounting to denote an increase in liabilities or equity accounts, or a decrease in assets or expense accounts.
Financial Assets
Assets that derive value from a contractual claim, such as cash, stocks, bonds, and bank deposits.
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