dentify which accounting assumption (economic entity, going concern, monetary unit, or periodicity) applies in each of the following situations a through d. a.Eagles Corp. reports financial information quarterly and annually. b.Eagles Corp. does not adjust dollar amounts in its financial statements for the effects of inflation. c. Debt of Eagles Corp.'s individual investors is not consolidated into the financial results of Eagles Corp. d.Eagles Corp. depreciates its buildings over 40 years. periodicity economic entity going concern monetary unit O ÷ +
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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