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.
IRC is Internal Revenue Code of 1986 (formerly 1954).
CABLE is the London dollar/sterling foreign exchange market - now outdated but still used by insiders.
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