Business / Taxes / Collectible: When you invest in objects rather than in capital assets such as stocks or bonds, you are putting your money into collectibles. Collectibles can run the gamut from fine art, antique furniture, stamps, and coins to baseball cards and Barbie dolls. Their common drawback, as an investment, is their lack of liquidity. If you need to sell your collectibles, you may not be able to find a buyer who is willing to pay what you believe your investment is worth. In fact, you may not be able to find a buyer at all. On the other hand, collectibles can provide a sizable return on your investment if you have the right thing for sale at the right time.
Business / Accounting / Allowance For Noncollectible Accounts: A contra account, deducted from Accounts Receivable, that shows the estimated losses from uncollectible accounts. MORE
Business / Accounting / Uncollectible Accounts Expense: An account that represents the portion of the current period's receivables that are estimated to become uncollectible. MORE