What are two examples of situations that increase price competition?
What will be an ideal response?
Increasing number of competitors
Increasing number of substituting offers
Wider distribution of competitor and/or substitution of offers
Increasing surplus capacity in the industry
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The classification assertion refers to transactions and events being recorded in the correct accounting period.
Answer the following statement true (T) or false (F)
Under the allowance method of recording bad debts, which of the following entries, if any, would be made to write off actual uncollectible accounts of $5,500?
A) Allowance for Doubtful Accounts 5,500Accounts Receivable 5,500 B) Bad Debt Expense 5,500Allowance for Doubtful Accounts 5,500 C) Bad Debt Expense 5,500Accounts Receivable 5,500 D) No entry is needed.
Bank of the Pacific is a local bank operating primarily in Portland, Oregon. The bank accepts deposits from and makes loans to local businesses and individuals. Which of the following accounting estimates would be most important for Bank of the Pacific?
A) Uncollectible accounts receivable. B) Warranty claims. C) Total units of production. D) Sales returns.
A proof statement can be used when letting a third party respond to an objection.
Answer the following statement true (T) or false (F)