An account becomes uncollectible a. at the end of the fiscal year b. There is no general rule for when an account becomes uncollectible. c. when a discount is availed on notes receivable d. when an account receivable is converted into a note receivable

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Business

Stacy Gomez

24 December, 04:52

An account becomes uncollectible a. at the end of the fiscal year b. There is no general rule for when an account becomes uncollectible. c. when a discount is availed on notes receivable d. when an account receivable is converted into a note receivable

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Smiley · Answer 1

b. There is no general rule for when an account becomes uncollectible.

Explanation:

Accounts uncollectible are the debts and loans which do not have any chance of being paid. There are many other reasons by which the account becomes uncollectible. The inability of the debtor, the bankruptcy of the debtor and the fraud conducted by the debtor are some of the reasons why accounts become uncollectible.