The matching rule
A) results in the recording of a known amount for bad-debt losses.
B) necessitates the recording of an estimated amount for bad debts.
C) requires that all bad-debt losses be recorded when an individual customer defaults.
D) is violated when the allowance method is employed.
B
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In the FASB hierarchy of inputs to consider for assessing fair value, which is associated with Level 1?
a. Observable information on similar items. b. Nonexistence of active markets. c. Quoted prices on identical items. d. Relevant economic and industry factors.
If assets are $99,000 and liabilities are $32,000, then equity equals:
A. $99,000. B. $67,000. C. $198,000. D. $32,000. E. $131,000.
Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.
Answer the following statement true (T) or false (F)
If an act is ultra vires, it is beyond the legal authority of the corporation
a. True b. False Indicate whether the statement is true or false