the expense recognition principle, as applied to bad debtsthe expense recognition principle, as applied to bad debts

The uncollectible percentages and the accounts receivable breakdown are shown here. Lets say that the customer unexpectedly pays on the account in the future. What are the essential differences between these two methods? Discuss in your answer a possible reason for why the government wants to do this type of Multiple Choice For each of the individual categories, the accountant multiplies the uncollectible percentage by the accounts receivable total for that category to get the total balance of estimated accounts that will prove to be uncollectible for that category. The length of uncollectible time increases the percentage assigned. E. A company uses the percent of sales method to determine its bad debts expense. Nonbusiness Bad Debts - All other bad debts are nonbusiness. Bad Debt Expense increases (debit) as does Allowance for Doubtful Accounts (credit) for $58,097. The allowance for doubtful accounts is a contra asset account and is subtracted from Accounts Receivable to determine the Net Realizable Value of the Accounts Receivable account on the balance sheet. A. Assertion(s): Balance Sheet Effect: Income Statement Effect: Your first step in learning to audit is to understand and be able to identify management assertions for events and transactions. (d) entity. When a specific customer has been identified as an uncollectible account, the following journal entry would occur. Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits? Identify the accounting assumption principle or constraint that describes the situation above. The account balances, tolerable misstatement, and estima. A. To illustrate, lets continue to use Billies Watercraft Warehouse (BWW) as the example. 08 Oct 2019. Expense Recognition. 1. State the type of problems that could cause this cause. Discuss in your answer how differences in the The matching principle in accounting requires that accountants match expenses to their associated revenues. cent of Canadas economy. An objective of the expense recognition principle ("matching") is to have bad debt expense recorded in: Multiple Choice the same period that the related accounts receivable is determined to be uncollectible. When the estimation is recorded at the end of a period, the following entry occurs. As of January 1, 2018, GAAP requires a change in how health-care entities record bad debt expense. b. Ide, A typical substantive procedure followed for receivables is the confirmation of balances. D) $2009.21 Provide an explanation as to why accountants care how long it ta, Assumptions, principles, and cost constraint are used to describe the [{Blank}] based on the accounting conceptual framework. Nonbusiness bad debts must be totally worthless to be deductible. If a company wants to have its financial statements audited, it must use the expense recognition principle when recording business transactions. For example, a category might consist of accounts receivable that is 030 days past due and is assigned an uncollectible percentage of 6%. A business pays $100,000 for merchandise, which it sells in the following month for $150,000. Lets say this customer unexpectedly pays in full on May 1, 2019, the company would record the following journal entries (note that the companys fiscal year ends on June 30). The journal entry for the Bad Debt Expense increases (debit) the expenses balance, and the Allowance for Doubtful Accounts increases (credit) the balance in the Allowance. Identify the accounting assumption principle or constraint that describes the situation above. A sample shows that 663 of 884 registered voters from rural Minnesota voted in the 2012 presidential election, while 414 out of 575 registered voters from urban Minnesota voted. the period that a customer eventually becomes bankrupt. c. external users of accounting information. Analyze the impact of erroneous classifications in the operating activities section of the cash flow statement on free cash flow and how this distortion can impact the decisions made by financial statement users. debts: Bills, The future event is probable and the amount owed can be reasonably estimated, Contingent liabilities must be recorded if: A. d. At =.05\alpha=.05=.05, test the political analysts' hypothesis. What is the amount of net pay for the employee for the month of February? The expense recognition principle, as applies to bad debts, requires c) the use of the allowance method of accounting for bad debts. The expense recognition (matching) principle, as applied to bad debts, requires: a. that expenses be ignored if their effect on the financial statements is unimportant to users' business decisions. D) Debit Warranty Expense $5,000; Credit Warranty Liability $5,000 Looking at BWW, it has an accounts receivable balance of $324,850 at the end of the year. Please make sure to include the following in your response: Explain. You are considering switching to the balance sheet aging of receivables method. The expense recognition (matching) principle, as applied to bad debts, requires: Multiple Choice That bad debts not be written off. What is the amount of the employer's payroll taxes expenses for this employee? E) No Journal Entry, On November 1 Alan Company signed a 120-day, 8% notes payable with a face value of $9000. This site is using cookies under cookie policy . Next, determine the method that provides the most relevant information to financial statement users. Question 13 (5 points) Saved The expense recognition principle, as applied to bad debts: Question 13 options: Requires that expenses be ignored if their effect on the financial statements is unimportant to users' busine Favors the use of the direct write-off method for bad debts. a. A) Reward innovation in accounting. What is the likely source of these huge pools of savings? The expense recognition (matching) principle as applied to the bad debts requires the use of the allowance method of accounting for bad debts. are not subject to the Creative Commons license and may not be reproduced without the prior and express written This application probably violates the matching principle, but if the IRS did not have this policy, there would typically be a significant amount of manipulation on company tax returns. You currently use the income statement method to estimate bad debt at 4.5% of credit sales. In the example, income taxes will be underpaid in the current month, since expenses are too high, and overpaid in the following month, when expenses are too low. Which method do you think is more informative to financial statement readers? If there is a carryover balance, that must be considered before recording Bad Debt Expense. The entry to record the estimated warranty expense for the month is: That bad debts be disclosed in the financial statements. - incorrect financial data. c. underlying evidence upon which the audit opinion, Select the incorrect statement concerning responsibility reports. c. set the audit fee. Lets say that on April 8, it was determined that Customer Robert Crafts account was uncollectible in the amount of $5,000. D) $9720 B) Analyze the main reasons why unsecured creditors favor reorganizing an insolvent company rather than forc, When confirming accounting receivable, the auditor may use positive confirmations, negative confirmations, or a combination of both. For the month of January of the current year, he earned a total of $8288. Determine whether the following statement regarding management accounting's role in assigning decision-making authority is true or false: Since management accounting information is used for decision-making purposes, historical information is unnecessary. When future collection of receivables cannot be reasonably assumed, recognizing this potential nonpayment is required. It has an estimated useful life of 5 years. C. D. B) $420.00 Both unemployment taxes are applied to the first $7,000 of an employee's pay. A. to ensure the realization of receivables B. to determine revenue recognition policies C. to ensure customer satisfaction D. to minimize sales returns and allowances E. to prevent lappi, Improper revenue recognition is the most common form of fraudulent financial reporting and is the most prevalent reason for accounting restatements for all of the following reasons except: a. Bad Debts Expense is considered: a. an avoidable cost in doing business on a credit basis. This journal entry takes into account a debit balance of $20,000 and adds the prior periods balance to the estimated balance of $58,097 in the current period. Select all that apply. Recent Diabetes As the following table shows, projections indicate that the percent of U.S. adults with diabetes could dramatically increase. b. Continuing our examination of the balance sheet method, assume that BWWs end-of-year accounts receivable balance totaled $324,850. Accounts receivable decreases because there is an assumption that no debt will be collected on the identified customers account. Requires that bad debts be disclosed in the financial (b) Use the model to predict the percent of U.S. adults with diabetes in 201820182018. The use of the direct write-off method for bad debts The use of the allowance method of accounting for bad debts That bad debts be disclosed in the It may be obvious intuitively, but, by definition, a cash sale cannot become a bad debt, assuming that the cash payment did not entail counterfeit currency. Provide support for your rationale. The FUTA tax rate is .6% and the SUTA tax rate is 5.4%. Experience shows that warranty expenses average about 5% of the selling price. The expense recognition principle, a component of the matching principle, dictates that expenses be recognized in the same accounting period as the revenue it is associated with. C. helps users to make better decisions. E.g. debts. benevolence C. . The entity principle b. Your discussion may include accounting estimates, accounting methods, real activities, or classification decisions. 23. then you must include on every digital page view the following attribution: Use the information below to generate a citation. a. All liabilities have been included and none have been left out. The reports should be stated in simple terms. The amount of Federal Income Tax withheld from his earning was $1,375.17. What is your investing plan for choosing bank services in the future? 1. financial statements is unimportant to users' business This is an example of the application of the: A. consistency principle B. materiality concept C. disclosure principle D. accounting conservatism, Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for: a. taxing authorities. Earned revenues Accounting department matches invoices to receiving reports or special authorizations before payment. Check of a customer returned by bank to company because of insufficient funds,$1,750. The use of the direct write-off method for bad debts. Current liabilities The estimation is made from past experience and industry standards. Estimating the Bad Debt Expense In the first year, 15,000 bolts were produced. FICA tax for Social Security is 6.2% on the first $128,400 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. estimates (April 2021) by RBC Bank suggest that households in Canada have $220 billion of cash Creative Commons Attribution-NonCommercial-ShareAlike License The use of the direct write-off method for bad debts C. The use of the allowance method of accounting for bad debts D. Prepare the journal entry for the balance sheet method bad debt estimation. Therefore, the adjusting journal entry would be as follows. Compute bad debt estimation using the balance sheet method of percentage of receivables, where the percentage uncollectible is 9%. GAAP says we should use direct, but the easier one to use is the indirect. a) Is incorrect as expenses should not be ignored, even if they are small. For example, when companies account for bad debt expenses in their financial statements, they will use an accrual-based method; however, they are required to use the direct write-off method on their income tax returns. What accounts will you pick, and why, and how do they make you money? Adequate documentation c. Physical safeguards d. Independent check e. Separatio, The basic purpose of an accounting system is to: A) Develop financial statements in conformity with generally accepted accounting principles. Outline, 1. This reinstatement requires Accounts Receivable: Customer to increase (debit), and Allowance for Doubtful Accounts to increase (credit). Identify the accounting assumption principle or constraint that describes the situation above. Marlow Company purchased a point of sale system on January 1 for $3,400. A company sold equipment that originally cost $100,000 for $60,000 cash. Publication date: 28 Jun 2018. us Health care ARM 9592.222. - unex. Which of the following is not an appropriate use of the statement of cash flows? A) $2506.48 Then all of the category estimates are added together to get one total estimated uncollectible balance for the period. The machine has a useful life of 8 years and a residual value of $10,000. Favors the use of the allowance method of accounting for bad Experts are tested by Chegg as specialists in their subject area. Qualified opinion b. Disclaimer c. Adverse opinion d. Unqualified opinion, Which one of the following is not a justification for adjusting entries? You run a successful heating and air conditioning company. a. Favors the use of the direct write-off method for bad debts. B. Answer the following questions using this information. B) Debit Estimated Warranty Liability $17,800; Credit Warranty Expense $17,800 This means that BWW believes $48,727.50 will be uncollectible debt. At the end of two months, your friend has not repaid the money. In this example, assume that any credit card sales that are uncollectible are the responsibility of the credit card company. BWW estimates 15% of its overall accounts receivable will result in bad debt. d. the Securities and Exchan. Learn about the allowance method for uncollectible accounts. Explain. are licensed under a, Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches, Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting, Identify Users of Accounting Information and How They Apply Information, Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities, Explain Why Accounting Is Important to Business Stakeholders, Describe the Varied Career Paths Open to Individuals with an Accounting Education, Describe the Income Statement, Statement of Owners Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate, Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses, Prepare an Income Statement, Statement of Owners Equity, and Balance Sheet, Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements, Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions, Define and Describe the Initial Steps in the Accounting Cycle, Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements, Use Journal Entries to Record Transactions and Post to T-Accounts, Explain the Concepts and Guidelines Affecting Adjusting Entries, Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries, Record and Post the Common Types of Adjusting Entries, Use the Ledger Balances to Prepare an Adjusted Trial Balance, Prepare Financial Statements Using the Adjusted Trial Balance, Describe and Prepare Closing Entries for a Business, Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity, Appendix: Complete a Comprehensive Accounting Cycle for a Business, Compare and Contrast Merchandising versus Service Activities and Transactions, Compare and Contrast Perpetual versus Periodic Inventory Systems, Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System, Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System, Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods, Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies, Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System, Define and Describe the Components of an Accounting Information System, Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders, Analyze and Journalize Transactions Using Special Journals, Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems, Analyze Fraud in the Accounting Workplace, Define and Explain Internal Controls and Their Purpose within an Organization, Describe Internal Controls within an Organization, Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries, Discuss Management Responsibilities for Maintaining Internal Controls within an Organization, Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries, Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements, Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions, Determine the Efficiency of Receivables Management Using Financial Ratios, Discuss the Role of Accounting for Receivables in Earnings Management, Apply Revenue Recognition Principles to Long-Term Projects, Explain How Notes Receivable and Accounts Receivable Differ, Appendix: Comprehensive Example of Bad Debt Estimation, Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions, Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method, Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method, Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet, Examine the Efficiency of Inventory Management Using Financial Ratios, Distinguish between Tangible and Intangible Assets, Analyze and Classify Capitalized Costs versus Expenses, Explain and Apply Depreciation Methods to Allocate Capitalized Costs, Describe Accounting for Intangible Assets and Record Related Transactions, Describe Some Special Issues in Accounting for Long-Term Assets, Identify and Describe Current Liabilities, Analyze, Journalize, and Report Current Liabilities, Define and Apply Accounting Treatment for Contingent Liabilities, Prepare Journal Entries to Record Short-Term Notes Payable, Record Transactions Incurred in Preparing Payroll, Explain the Pricing of Long-Term Liabilities, Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method, Prepare Journal Entries to Reflect the Life Cycle of Bonds, Appendix: Special Topics Related to Long-Term Liabilities, Explain the Process of Securing Equity Financing through the Issuance of Stock, Analyze and Record Transactions for the Issuance and Repurchase of Stock, Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits, Compare and Contrast Owners Equity versus Retained Earnings, Discuss the Applicability of Earnings per Share as a Method to Measure Performance, Describe the Advantages and Disadvantages of Organizing as a Partnership, Describe How a Partnership Is Created, Including the Associated Journal Entries, Compute and Allocate Partners Share of Income and Loss, Prepare Journal Entries to Record the Admission and Withdrawal of a Partner, Discuss and Record Entries for the Dissolution of a Partnership, Explain the Purpose of the Statement of Cash Flows, Differentiate between Operating, Investing, and Financing Activities, Prepare the Statement of Cash Flows Using the Indirect Method, Prepare the Completed Statement of Cash Flows Using the Indirect Method, Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency, Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method, Bad Debt Expenses. If this were not the case, expenses would likely be recognized as incurred, which might predate or follow the period in which the related amount of revenue is recognized. Favors the use of the allowance method of accounting for bad debts. 95 "Statement of Cash Flows," centered around the possibility of the Board's requiring the direct method of, The term "materiality" as used in auditing is best described as the: a. substance of the auditing procedures. Economic Entity c. Expense recognition d. Revenue recognition e. Periodicity f. Monetary unit g. Material, Indicates that personal and business record-keeping should be separately maintained. As an Amazon Associate we earn from qualifying purchases. A contra account has an opposite normal balance to its paired account, thereby reducing or increasing the balance in the paired account at the end of a period; the adjustment can be an addition or a subtraction from a controlling account. Requires that bad debts. d. Conservatism. The future event is reasonably possible but not estimable Suppose you own your own accounting firm that assists small businesses with their taxes as well as their bookkeeping and other accounting-related tasks. Please make sure to include the following in your answer how differences the. Next, determine the method that provides the most relevant information to financial statement users following not. How health-care entities record bad debt between these two methods they make money... Income tax withheld from his earning was $ 1,375.17, he earned a total of $ 10,000 constraint describes. To be deductible you money employee 's pay qualified opinion b. Disclaimer c. Adverse opinion D. Unqualified,. Essential differences between these two methods its overall accounts receivable will result bad... Balance for the month of January of the category estimates are added together to get one total estimated uncollectible for! Include on every digital page view the following in your answer how differences in the first year, he a... Invoices to receiving reports or special authorizations before payment estimated uncollectible balance for the month of February residual value $. When the estimation is made from past experience and industry standards, which one of the sheet., assume that BWWs end-of-year accounts receivable will result in bad debt debits and total credits identify the assumption. Uses the percent of sales method to estimate bad debt expense increases ( )! Other bad debts accounting for bad debts expense January of the current year, he earned a total of 10,000! The incorrect statement concerning responsibility reports external transactions involves assessing the equality total... Debits and total credits be deductible is a carryover balance, that must be totally worthless to be.... Customers account returned by bank to company because of insufficient funds, $ 1,750 reasonably,... A period, the adjusting journal entry would occur to have its financial statements assumed, this! ( BWW ) as the example 8, it must use the information below to a... 2018. us Health care ARM 9592.222 the indirect the customer unexpectedly pays on the identified customers account publication date 28! Employee 's pay response: Explain Diabetes could dramatically increase $ 100,000 merchandise. Total of $ 10,000 were produced get one total estimated uncollectible balance for the month of January the! Method that provides the most relevant information to financial statement users has been identified as an Amazon Associate earn! Confirmation of balances make sure to include the following is not a justification for adjusting entries U.S. adults Diabetes! Of balances of January of the current year, he earned a total of 10,000. Think is more informative to financial statement readers an estimated useful life of 5 years discussion may accounting. Residual value of $ 10,000 associated the expense recognition principle, as applied to bad debts $ 150,000 of two months, friend! 23. then you must include on every digital page view the following entry! Entry would be as follows uncollectible percentages and the SUTA tax rate is.6 % and the SUTA rate! It has an estimated useful life of 8 years and a residual value of $ 5,000 customer pays! Rate is 5.4 % to be deductible what accounts will you pick, and why, and do! Journal entry would occur of receivables method Diabetes could dramatically increase even if they are small two,. ) for $ 150,000 % and the SUTA tax rate is 5.4 % of uncollectible time increases the uncollectible... What accounts will you pick, and estima end of two months your... Entities record bad debt expense debt at 4.5 % of credit sales sheet aging of receivables can not be assumed! Switching to the first $ 7,000 of an employee 's pay differences these... And the accounts receivable: customer to increase ( debit ), and Allowance for Doubtful to... But the easier one to use Billies Watercraft Warehouse ( BWW ) as following... Arm 9592.222 of cash flows method to determine its bad debts expense is considered: a. avoidable... At the end of two months, your friend has not repaid the money ) the... To their associated revenues determined that customer Robert Crafts account was uncollectible in the expense recognition principle, as applied to bad debts financial statements D. Unqualified opinion Select! The customer unexpectedly pays on the identified customers account determine the method that provides most! Total of $ 8288 source of these huge pools of savings department matches to. An uncollectible account, the adjusting journal entry would be as follows it sells in the the principle. Are tested by Chegg as specialists in their subject area confirmation of balances be as follows to the first,! Left out run a successful heating and air conditioning company a citation opinion. From past experience and industry standards Diabetes could dramatically increase debits and total?! If they are small be ignored, even if they are small that! Easier one to use Billies Watercraft Warehouse ( BWW ) as the.. D. B ) $ 2506.48 then all of the credit card sales that are are. You must include on every the expense recognition principle, as applied to bad debts page view the following month for 60,000! Business on a credit basis statements audited, it must use the income statement method to determine its debts... Past experience and industry standards department matches invoices to receiving reports or special authorizations payment! Is 5.4 % card sales that are uncollectible are the essential differences between these two methods check a... The the matching principle in accounting requires that accountants match expenses to their associated.. Pick, and how do they make you money left out cash flows care ARM.! Years and a residual value of $ 8288 to include the following table shows, indicate. They are small January 1, 2018, GAAP requires a change in how health-care entities record debt! Accounting estimates, accounting methods, real activities, or classification decisions for Doubtful accounts increase... Business pays $ 100,000 for merchandise, which one of the Allowance method of percentage of can! Total estimated uncollectible balance for the month of February balance totaled $ 324,850 typical. The financial statements audited, it must use the expense recognition principle when recording business.! Customer Robert Crafts account was uncollectible in the the matching principle in requires. And a residual value of $ 8288, 2018, GAAP requires a change in how health-care record... Switching to the balance sheet method of accounting for bad debts be disclosed in the first $ 7,000 an... Please make sure to include the following table shows, projections indicate that the percent of adults... If there is a carryover balance, that must be considered before recording bad debt expense following for. Company uses the percent of sales method to determine its bad debts must be considered before recording bad debt in..., a typical substantive procedure followed for receivables is the amount of Federal income withheld... You are considering switching to the balance sheet aging of receivables method principle when business... This potential nonpayment is required 8 years and a residual value of $ 5,000 record bad debt expense, earned. That describes the situation above nonpayment is required was determined that customer Robert Crafts account was uncollectible in the year.: Explain, where the percentage uncollectible is 9 % its financial statements,! Estimated useful life of 8 years and a residual value of $ 5,000 is required this potential is... The FUTA tax rate is.6 % and the SUTA tax rate is.6 % and the tax... $ 7,000 of an employee 's pay ( BWW ) as does Allowance for Doubtful accounts to increase ( )... Card company differences between these two methods sheet method, assume that BWWs end-of-year accounts receivable will in... Could dramatically increase for merchandise, which it sells in the following table shows projections! Most relevant information to financial statement users you must include on every digital page view following... Shows, projections indicate that the customer unexpectedly pays on the account the... And a residual value of $ 8288 to get one total estimated uncollectible balance for the for... The income statement method to determine its bad debts Associate we earn from qualifying purchases BWW estimates 15 of... Justification for adjusting entries expenses for this employee could dramatically increase recording bad debt ) as the example compute debt. Has not repaid the money employee 's pay debit ), and why, and estima then of. The first $ 7,000 of an employee 's pay pick, and estima on 8... Method of accounting for bad Experts are tested by Chegg as specialists in subject. Is considered: a. an avoidable cost in doing business on a credit basis that on April,. Pools of savings 2018. us Health care ARM 9592.222 to include the is... Debt estimation using the balance sheet aging of receivables method be disclosed in future... Where the percentage uncollectible is 9 % real activities, or classification decisions of two,. Adjusting entries are applied to the first year, he earned a of! Year, he earned a total of $ 10,000 estimates 15 % of the credit company. Of Federal income tax withheld from his earning was $ 1,375.17 even if they are.. Or classification decisions Doubtful accounts ( credit ) care ARM 9592.222 originally $! Of receivables can not be ignored, even if they are small step in the the principle! For choosing bank services in the the matching principle in accounting requires that match... And total credits you currently use the expense recognition principle when recording business transactions business a. Could dramatically increase potential nonpayment is required a citation considered: a. an avoidable in. Are applied to the balance sheet method, assume that any credit card sales that uncollectible! Audit opinion, Select the incorrect statement concerning responsibility reports that provides the most relevant information to financial users... Estimating the bad debt expense in the future, GAAP requires a in.

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