|Allowance for doubtful accounts|
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Definition of Allowance for doubtful accounts
Allowance for doubtful accounts
A contra account related to accounts receivable that represents the amounts that the company expects will not be collected.
Allowance for Doubtful Accounts
An estimate of the uncollectible portion of accounts receivable
Amounts owed to a company by customers that it sold to on credit. Total accounts receivable are usually reduced by an allowance for doubtful accounts.
Money owed to suppliers.
Money owed by customers.
Accounts receivable turnover
The ratio of net credit sales to average accounts receivable, a measure of how
Average age of accounts receivable
The weighted-average age of all of the firm's outstanding invoices.
Special accounts where you can save and invest, and the taxes are deferred until money
Amounts a company owes to creditors.
‘Buckets’ within the ledger, part of the accounting system. Each account contains similar transactions (line items) that are used for the production of financial statements. Or commonly used as an abbreviation for financial statements.
Amounts owed by the company for goods and services that have been received, but have not yet been paid for. Usually accounts payable involves the receipt of an invoice from the company providing the services or goods.
Amounts owed to the company, generally for sales that it has made.
A method of adjusting accounts receivable to the amount that is expected to be collected based on company experience.
The accounts found on the Balance Sheet; these account balances are carried forward for the lifetime of the company.
The accounts found on the Income Statement and the Statement of Retained Earnings; these accounts are reduced to zero at the end of every accounting period.
Short-term, non-interest-bearing liabilities of a business
Short-term, non-interest-bearing debts owed to a
accounts receivable turnover ratio
A ratio computed by dividing annual
Acurrent liability on the balance sheet, representing short-term obligations
A current asset on the balance sheet, representing short-term
Allowance for bad debts
An offset to the accounts receivable balance, against which
Chart of accounts
A listing of all accounts used in the general ledger, usually sorted in
A reduction in a price that is allowed by the seller, due to a problem
Balance of Payments Accounts
A statement of a country's transactions with other countries.
Capital Consumption Allowance
Tax deductions that businesses can claim when they spend money on investment goods.
National Income and Product Accounts
The national accounting system that records economic activity such as GDP and related measures.
Amounts due to vendors for purchases on open account, that is, not evidenced
Accounts Payable Days (A/P Days)
The number of days it would take to pay the ending balance
Amounts due from customers for sales on open account, not evidenced
Accounts Receivable Days (A/R Days)
The number of days it would take to collect the ending
Provision for Doubtful Accounts
An operating expense recorded when the allowance for
Unbilled Accounts Receivable
Revenue recognized under the percentage-of-completion
A contra- or reduction account to deferred tax assets.
Money owed to a business for merchandise or services sold on open account.
Capital Cost Allowance (CCA)
The annual depreciation expense allowed by the Canadian Income Tax Act.
Discounting of Accounts Receivable
Short-term financing in which accounts receivable are used as collateral to secure a loan. The lender does not buy the accounts receivable but simply uses them as collateral for the loan. Also called pledging of accounts receivable.
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