The allowance for doubtful account is a: The allowance for doubtful accounts is a:a) Contra-asset accountb) Liability accountc) Revenue accountd) Expense account

Explanation of Contra-asset Account:A Contra-asset Account is an account that reduces the value of a…

Answered: The allowance for doubtful accounts is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 5Q: Which account type is used to record bad debt estimation and is a contra account to Accounts...

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Which of the following is an accurate description of the allowance for doubtful accounts? liability account expense account contra account revenue account
Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset account d. Liability account
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of which of the following? a. Expense recognition principle. b. Consistency characteristic. c. Materiality quality. O d. Revenue recognition principle.
Which one of the following best describes the allowance for doubtful accounts? a.Statement of earnings account b.Liability account c.Contra account d.Cash flow account
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of which of the following? a. Revenue recognition principle. b. Materiality quality. c. Consistency characteristic. d. Expense recognition principle.
Allowance for Doubtful Accounts is a liability account. True False
state the differences between unearned revenue and accounts payable? both accounts are liabilities therefore what is the normal balance of liability and does it matter?
When an account is written off under the allowance method, there should be a debit to Bad Debt Expense.
Which account type is used to record bad debt estimation and is a contra account to Accounts Receivable?
Which method delays recognition of bad debt until the specific customer accounts receivable is identified? A. income statement method B. balance sheet method C. direct write-off method D. allowance method
Describe the accounting treatment of anticipated uncollectible accountsreceivable.
Bad debt expense is normally reported on the income statement as a(n) a. Operating expense b. Offset agaisnt gross c. Financial expense in the order items section d. Contra-revenue amount

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The allowance for doubtful accounts is a: a) Contra-asset account b) Liability account c) Revenue account d) Expense account