The National Do Not Call Registry was established by which of the following?
A) the Federal Trade Commission (FTC)
B) the Direct Marketing Association (DMA)
C) the Consumer Review
D) the American Marketing Association (AMA)
E) the Robinson-Patman Act
A
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Indicate whether the statement is true or false.
The general ledger account for Accounts Receivable shows a debit balance of $25,000 . Allowance for Uncollectible Accounts has a credit balance of $1,500 . Net sales for the year were $250,000 . In the past, 3 percent of sales have proved uncollectible, and an aging of accounts receivable resulted in an estimate of $10,000 of uncollectible accounts receivable. Using the percentage of net sales
method, the entry to record the Uncollectible Accounts Expense is: a. Uncollectible Accounts Expense 6,000 Allowance for Uncollectible Accounts 6,000 b. Uncollectible Accounts Expense 7,500 Allowance for Uncollectible Accounts 7,500 c. Uncollectible Accounts Expense 9,000 Allowance for Uncollectible Accounts 9,000 d. Uncollectible Accounts Expense 10,000 Allowance for Uncollectible Accounts 10,000
Which of the following types of service transactions is most likely to require the proportional performance method of revenue recognition based on the seller's direct costs to perform each act?
a. Processing of monthly mortgage payments by a mortgage banker b. Providing lessons, examinations, and grading by a correspondence school c. Providing maintenance services on equipment for a fixed periodic fee d. Delivering freight (by a trucking firm)
Today, traditional accounting methods are
a. still appropriate for financial reporting. b. still appropriate for providing useful cost information to internal managers. c. still appropriate for both internal and external financial reporting. d. outdated for all purposes.