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Why it is good policy for a business entity to provide for an allowance for doubtful debts? |
the answer must includthe appropriate accounting concept from the NZ framework Because unfortunately, some sales on account may not be collected. Business owners know that some customers who receive credit will never pay their account balances. Customers go broke, become unhappy and refuse to pay, or may generally lack the ethics to complete their half of the bargain. Of course, a company does have legal recourse to try to collect such accounts, but those often fail. As a result, it becomes necessary to establish an accounting process for measuring and reporting these uncollectible items. Uncollectible accounts are frequently called "bad debts." |
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