INCOMPETENCE Definition

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INCOMPETENCE is lack of physical or intellectual ability or qualifications.

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REGISTERED BONDS are bonds for which the names and addresses of the bondholders are kept on file by the issuing company.

UNCOLLECTIBLE ACCOUNT EXPENSE, also known as a bad-debt expense, is that expense incurred in the unsuccessful attempt to realize payment of a Account Receivable. Uncollectible account expenses must be incurred in the time period in which the related sales are made, e.g. an AR that originates from a credit sale in January and is determined to be uncollectible in June represents an expense in January.

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