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13. When the estimate used for bad debt expense is changed, bad debt expense for all past periods must be recalculated. there is no change in the amount of bad debt expense recorded for future years. bad debt expense for current and future years is affected. The company must change its write-off policy as well. 14. Which of the following methods of determining bad debt expense does not generally (assuming materiality) provide a level of matching of expense and revenue that is acceptable following GAAP? Debiting bad debt expense with a percentage of sales under the allowance method. Debiting bad debt expense as accounts are written off as uncollectible. Debiting bad debt expense with an amount derived from aging accounts receivable under the allowance method. Debiting bad debt expense with a percentage of accounts receivable under the allowance method.

13. When the estimate used for bad debt expense is changed, bad debt expense for all past periods must be recalculated. there is no change in the amount of bad debt expense recorded for future years. bad debt expense for current and future years is affected. The company must change its write-off policy as well. 14. Which of the following methods of determining bad debt expense does not generally (assuming materiality) provide a level of matching of expense and revenue that is acceptable following GAAP? Debiting bad debt expense with a percentage of sales under the allowance method. Debiting bad debt expense as accounts are written off as uncollectible. Debiting bad debt expense with an amount derived from aging accounts receivable under the allowance method. Debiting bad debt expense with a percentage of accounts receivable under the allowance method.

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 1BD
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13. When the estimate used for bad debt expense is changed, bad debt expense for all past periods must be recalculated. there is no change in the amount of bad debt expense recorded for future years. bad debt expense for current and future years is affected. The company must change its write-off policy as well. 14. Which of the following methods of determining bad debt expense does not generally (assuming materiality) provide a level of matching of expense and revenue that is acceptable following GAAP? Debiting bad debt expense with a percentage of sales under the allowance method. Debiting bad debt expense as accounts are written off as uncollectible. Debiting bad debt expense with an amount derived from aging accounts receivable under the allowance method. Debiting bad debt expense with a percentage of accounts receivable under the allowance method.
Transcribed Image Text:13. When the estimate used for bad debt expense is changed, bad debt expense for all past periods must be recalculated. there is no change in the amount of bad debt expense recorded for future years. bad debt expense for current and future years is affected. The company must change its write-off policy as well. 14. Which of the following methods of determining bad debt expense does not generally (assuming materiality) provide a level of matching of expense and revenue that is acceptable following GAAP? Debiting bad debt expense with a percentage of sales under the allowance method. Debiting bad debt expense as accounts are written off as uncollectible. Debiting bad debt expense with an amount derived from aging accounts receivable under the allowance method. Debiting bad debt expense with a percentage of accounts receivable under the allowance method.
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