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The percentofsales method, used to compute bad debt expense, is also known as the balance...

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Accounting

The percentofsales method, used to compute bad debt expense, is also known as the balance sheet approach. True False

Companies that follow GAAP are required to use the direct writeoff method for uncollectible accounts receivable. True False

Only contingencies that are probable and can be estimated are recorded as a liability and an accrued expense. True False

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