ch-17 Flashcards
1
Q
Define adjusting entry
A
It is an entry passed in the books of account that should have been recorded in the books of account but are not recorded
2
Q
Define accrued income
A
It is the income which has been earned but not yet received
3
Q
Define doubtful debts
A
Debts which are doubtful for recovery
4
Q
Define provision for doubtful debts
A
It is the amount set aside out of profits to meet likely bad debts
5
Q
Define provision for discount on debtors
A
It is the amount set aside out of profits to allow discount to debtors in the future for present good debts
