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Generally Accepted Accounting Principles (GAAP) MCQs

Why are uncollectible accounts receivable considered a contingency?

Because they are an asset

Because they are material

Because they are not probable

Because they can be estimated and it is probable not all accounts receivable will be collected

Answer

Correct Answer: Because they can be estimated and it is probable not all accounts receivable will be collected

Explanation:

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More Generally Accepted Accounting Principles (GAAP) MCQ Questions

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