BANK COLLECTION Definition

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BANK COLLECTION is the collection of a check by the bank on behalf of a depositor.

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DOUBTFUL DEBT is a debt where circumstances have rendered its ultimate recovery uncertain. Conservatism requires that doubtful debts should be treated in the same way as bad debts. They should thus be recorded as an expense in the profit and loss account and to be credited to a provision to set off against ultimate default if it occurs.

INCREMENTAL COST is the increase or decrease in costs as a result of one more or one less unit of output.

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