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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

abrogate:
To cancel or nullify a... To cancel or nullify an agreement or contract, either unilaterally or with mutual consent.

adjusting events :
Material events that occu...Material events that occur between the date of preparation of financial statements and the date of their approval by the management. Such events must be reflected in the financial statements of a firm, to comply with the requirement of giving a 'true and fair view' of its financial position. A non-material (non adjusting) but significant event may be disclosed in the notes (footnotes) to the financial statements. Also called post balance sheet events.

AGING OF ACCOUNTS :
the classification of... the classification of accounts by the time elapsed after the date of billing or the due date. The longer a customer's account remains uncollected or the longer inventory is held, the greater is its realization risk. If a customer's account is past due, the company also has an Opportunity Cost of funds tied-up in the receivable that could be invested elsewhere for a return. An aging schedule of accounts receivable may break down receivables from 1-30 days, 31-60 days, 61-90 days, and over 90 days. With regard to inventory, if it is held too long, obsolescence, spoilage, and technological problems may result. Aging can be done for other accounts such as fixed assets and accounts payable. See also ACCOUNT AGING.

ALLOWANCE METHOD :
is the accepted way to... is the accepted way to account for bad debt. Bad debt expense may be based on the percent of credit sales for the period, an aging of the accounts receivable balance at the end of the period, or some other method, e.g., percent of accounts receivable.

 

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