ALLOWANCE FOR BAD DEBTS Definition

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ALLOWANCE FOR BAD DEBTS is an account established to record a subtraction from ACCOUNTS RECEIVABLE, to allow for those accounts that will not be paid.

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ECONOMIC RESOURCES is the profitable extraction or production, under defined investment assumptions, of returns that are analytically demonstrable or can be assumed with reasonable certainty.

BOOKKEEPING is the art, practice, or labor involved in the systematic recording of the transactions affecting a business.

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