why should the allowance for doubtful account and the valuation and qualifying accounts schedule be analyzed

Q: What is the difference between the auditor’s approach in verifyingsales returns and allowances and…

A: Sales returns and allowances: Sometimes, customers either return goods due to manufacturing defects,…

Q: How is a correction of an accounting error made?

A: Accounting error:   It is a non-fraudulent discrepancy in the financial documents of an…

Q: What kinds of errors would cause difference in the trial balance. Also listexamples that would not…

A: Generally, errors such as not posting properly, only posting half of the journal entry in the ledger…

Q: Confirmations of accounts receivable provide evidence primarily about which two assertions? Select…

A: Accounts receivables are those account on which business has made credit sales, on account.…

Q: In the Off-Balance-Sheet Inventory Financing instance, how may auditors have identified the…

A: This question explains about the Off-Balance-Sheet Inventory Financing instance

Q: The allowance for doubtful accounts is an example of a(n) Group of answer choices expense account…

A: The amount which are expected not to be collected are recorded in the Allowance for doubtful A/c.

Q: On a classified balance sheet, allowance for uncollectible accounts would be classified among

A: A balance sheet is a statement which provides financial data related to the assets, liabilities and…

Q: Explain any possible differences between accounting for an account receivable factored with recourse…

A: Definition:   Accounts receivable: Accounts receivable refer to sum of money that is received within…

Q: Why does balance of payments contain an account called statistical discrepancy?

A: The equilibrium of installments (BOP), otherwise referred to as equilibrium of worldwide…

Q: What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its…

A: Allowance method: It is a method for accounting for uncollectible receivables, where uncollectible…

Q: Describe the procedure for evaluating a change in credit policyusing the income statement approach.

A: Credit policy: The detailed guidelines of the credit extended to the company which includes factors…

Q: Distinguish between accuracy tests of gross accounts receivableand tests of the realizable value of…

A: Accounts Receivables, as the name itself suggests are accounts indicating amounts to be received…

Q: What is the purpose of the valuation allowance?

A: purpose of the valuation allowance are as follows

Q: is the postclosing trial balance not designed to verify

A: The Answer :

Q: Why are adjusting entries and note disclosures labeled “proposed”?

A: Adjustment Entries: The entries are generally recorded prior to preparation of financial statements…

Q: How should we account for the fact that not every account receivable is likely to be collected?

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Which of the following is an accurate description of the allowance for doubtful accounts? liability…

A: Allowance for Doubtful Accounts: This is a contra asset account to the Accounts Receivables account…

Q: How is a revenue-recognition abuse related to the percentage of completion method?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Would a change from Completed Contract to Percentage of Completion be a change in accounting…

A: Change in accounting principle means that change in how financial information is calculated, while…

Q: The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a…

A: Consistency Characteristic: Consistency is a concept that asserts that once you have adopted an…

Q: What is the difference between Payables Ageing Summary and Payables Ageing Detailed Reports?

A: Payables ageing reports are related to MYOB (Mind your own business. This is found in Report meny…

Q: Of what merit is the contention that the allowance methodlacks the objectivity of the direct…

A: Direct write-off method: This method does not make allowance or estimation for uncollectible…

Q: With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: Indicate whether each statement best describes the allowance (A) method or the direct write-off…

A: Allowance method: It is a method for accounting bad debt expense, where uncollectible accounts…

Q: d not be recorded using the Expense or Check onscreen form?

A: Office Supplies purchased

Q: describe general principles of expense recognition, specifi c expense recognition applications, and…

A: Expenses mean a decrease in economic benefits. Expenses are nothing but those transactions resulting…

Q: how is the assessment in bad credit? note: include a reference

A: Credit scores: These are the 3 digit number that represent  the financial behavior of a person.…

Q: The recorded allowance for doubtful accounts should be increased by

A: Uncollectible accounts are those accounts for which it is estimated that due amount will not be…

Q: allowance for doubtful accounts in accounting for receivables?

A: As per prudence Principle :- always anticipate future losses but never anticipate future profit.

Q: Of the two methods of accounting for uncollectible receivables, the allowance method makes use of an…

A: Answer is true

Q: Why does the Bad Debts Expense account usually not have the same adjusted balance as the Allowance…

A: The amount which is due or receivable from another party for payment is known as receivable, it…

Q: Which error cannot be revealed on the preparation of the trial balance? Wrong Totalling of account…

A: We have the following question: Which error cannot be revealed on the preparation of the trial…

Q: Which of the following is not one of the suggested approaches to reporting changes in the accounts?…

A: Reporting changes: These implies to the changes that are required to make to the accounts when there…

Q: When the allowance method of recognizing bad debt expense is used, the allowance for doubtful…

A: ANSWER     When the allowance method of recognizing bad debt expense is used, the allowance for…

Q: Why is it necessary to account for dubious accounts in receivables accounting? Is it really…

A: As per prudence Principle :- always anticipate future losses but never anticipate future profit.…

Q: what are the most significant differences between uncollectible account expense and allowance for…

A: Both uncollectible account expense and allowance for uncollectible accounts will be available in the…

Q: How do you make adjustments for a non-counter balancing error and does it affect the present…

A: If the error has not counterpoised then Associate in Nursing entry should be created to maintained…

Q: Confirmations of accounts receivable provide evidence primarily about which two assertions?a.…

A: Accounts receivable is the outstanding amount  due from the customer for selling the goods on…

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

A: Please find the answer to the above question below: