Uncollectible Accounts
Uncollectible accounts are receivables that are deemed unlikely to be recovered, often due to customer default or bankruptcy. These bad debts are written off from the books and may be estimated in advance through a provision for doubtful accounts. It ensures receivables aren’t overstated in financial reports.
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Under-absorption of Overheads
Under-absorption of overheads happens when the allocated overheads to products or jobs are less than the actual overheads incurred. It…
Unfavourable Variance
An unfavourable variance occurs when actual costs exceed budgeted or standard costs, or when actual revenue falls short of expectations.…
Utility Expense
Utility expense represents the cost of services such as electricity, water, gas, and internet used in business operations. It is…
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