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allowance account |
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| ? Mentioned in | ? References in periodicals archive | |
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By
mechanically relying on the write-off performed for financial
accounting, taxpayers may be forgoing the opportunity to deduct
currently the portion of the allowance account that represents partially
worthless business debts. For
example, WorldCom recorded millions of dollars in expenses in asset
accounts without audit detection, and Healthsouth created income by
manipulating its contractual allowance account. "No matter how much money I place in the
household allowance account, you always run short," he accused
angrily. |
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