Asked by
Nolan Bemiss
on Nov 18, 2024
Verified
Allowance for Doubtful Accounts is a liability account.
Allowance for Doubtful Accounts
A contra-asset account that reduces accounts receivable to its net realizable value, representing estimated uncollectible amounts.
Liability Account
An accounting record that tracks the money owed by a business to creditors, lenders, and suppliers, part of the company's liabilities.
- Acquire insight into the concept and importance of Allowance for Doubtful Accounts in the field of accounting.
Verified Answer
CI
Learning Objectives
- Acquire insight into the concept and importance of Allowance for Doubtful Accounts in the field of accounting.
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