Please study the 20 vocabulary terms below. Then press the Mark Complete button to continue.
- accurate
- free from error, careful
- allowance for uncollectable accounts
- a contra asset account recording debts which may not be collected
- amend
- to improve by correcting existing information
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Make sure the figures are accurate before submitting the tax return.
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We need to post that debt to the allowance for uncollectable accounts as the company has gone into receivership and we probably won't be paid.
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The entry was posted to the wrong account so the account had to be amended.
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