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Regarding A/R, I don’t make up the rules,

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Anvil   Sunday, 07/14/19 03:53:51 PM
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Regarding A/R, I don’t make up the rules, they are GAAP (Generally accepted accounting practice) which the CEO and CFO both attested to on the financials.

Severely delinquent A/R must be written off with a contra account to A/R (allowance for doubtful accounts) established. The net A/R number should be stated on the balance sheet. Periodically, usually quarterly, the doubtful accounts are examined to see if they should remain doubtful or eliminated in part or total.

Again, GAAP requires that a current asset be controvertible into cash w/in 12 months.

Real accountants use GAAP not investopedia!

Now what about COGS? What is it?

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