For U.S. companies, how do U.S. GAAP and income tax reporting compare in their treatment of uncollectible accounts?
a. U.S. GAAP and income tax reporting both require the direct write-off method.
b. U.S. GAAP and income tax reporting both require the allowance method.
c. U.S. GAAP and income tax reporting require different treatments of uncollectible accounts.
d. U.S. GAAP and income tax reporting assume uncollectible accounts are estimated based on past experience for reporting purposes.
e. none of the above.
C
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The_____________principle says that, with a few exceptions, assets are not carried at market values, but at their original cost
Fill in the blank(s) with correct word
Border Company's cash account had a balance of $962 on August 31 . This included a bank deposit of $87 that was in transit on the 31st. The August 31 bank statement contained the following information: Bank Statement Balance $1,089 NSF check 16 Bank Service Charge 7 Collection of notes receivable 68 Border also had checks outstanding of $169 . What is Border's adjusted cash balance at August 31?
a. $ 920 b. $ 940 c. $1,007 d. $1,089
The order cycle is the total amount of time that elapses from the time a customer places an order until the time the product is delivered to the customer.
Answer the following statement true (T) or false (F)
A company's sales in Year 1 were $280,000 and in Year 2 were $317,500. Using Year 1 as the base year, the percent change for Year 2 compared to the base year is:
A. 100%. B. 14%. C. 88%. D. 13%. E. 12%.