- provision for doubtful debts
- A British term for *allowance for bad debts.
Auditor's dictionary. 2014.
provision for doubtful debts
Look at other dictionaries:
provision for bad debts — A provision calculated to cover the debts during an accounting period that are not expected to be paid. A general provision, e.g. 2% of debtors, is not allowed as a deduction for tax purposes. A specific provision, in which specific debts are… … Accounting dictionary
provision for bad debts — A provision calculated to cover the debts during an accounting period that are not expected to be paid. A general provision, e. g. 2% of debtors, is not allowed as a deduction for tax purposes. A specific provision, in which specific debts are… … Big dictionary of business and management
doubtful debts — Money owed to an organization, which it is unlikely to receive. A provision for doubtful debts may be created, which may be based on specific debts or on the general assumption that a certain percentage of debtors amounts are doubtful. As the… … Big dictionary of business and management
doubtful debt — ➔ debt * * * doubtful debt UK US noun [C] ► a debt that is unlikely to be paid: »Provision for doubtful debts is calculated on debtors’ balances after elimination of bad debts … Financial and business terms
allowance for doubtful accounts — See: provision for bad debts … Accounting dictionary
doubtful debt — An amount owed to an organization by a debtor that it might well not receive. A provision for doubtful debts may be created, which may be based on specific debts or on the general assumption that a certain percentage of debtors amounts are… … Accounting dictionary
bad debts recovered — Debts originally classed as bad debts and written off to the profit and loss account (or to a provision for bad and doubtful debts) but subsequently recovered either in part or in full. Bad debts recovered should be written back to the profit and … Accounting dictionary
Classification of accounts — According to Modern approach Accounts are classified into five groups: Asset Expense Revenue Liability Capital According to Traditional approach Accounts are classified into three groups: Real – all the assets except Debtors Nominal – all the… … Wikipedia
bad debt — An amount owed by a debtor that is unlikely to be paid; for example, due to a company going into liquidation. The full amount should be written off to the profit and loss account of the period or to a provision for bad debts as soon as it is… … Big dictionary of business and management
netting off — The deduction of one amount from another. For example, debtors are usually shown in a balance sheet after netting off (deducting) a provision for bad debts and doubtful debts … Accounting dictionary
