Including the surname of a limited partner in the partnership name is prohibited unless her surname is the same as that of a general partner or if the business had been carried on under that name prior to the admission of the limited partner
Indicate whether the statement is true or false
true
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The accounting concept that states expenses should be recognized in the same period with the revenues they helped to produce is the
a. contra-account principle. b. allowance method. c. matching principle. d. uncollectible accounts technique.
Selling personal computers to both retail stores and other businesses is an example of:
A) multi-outlet marketing B) merchant distribution C) quantity enhancement marketing D) dual-channel marketing
International accounting standards currently are moving toward the
a. comprehensive recognition approach. b. partial recognition approach. c. no-deferral approach. d. discounted comprehensive recognition approach.
Gideon Company uses the direct write-off method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is:
A.
| Bad Debts Expense | 2,000 | |
| Accounts Receivable-A. Hopkins | 2,000 |
B.
| Accounts Receivable-A. Hopkins | 2,000 | |
| Cash | 2,000 |
C.
| Cash | 2,000 | |
| Accounts Receivable-A. Hopkins | 2,000 |
D.
| Allowance for Doubtful Accounts | 2,000 | |
| Accounts Receivable-A. Hopkins | 2,000 |
E.
| Accounts Receivable-A. Hopkins | 2,000 | |
| Bad Debts Expense | 2,000 |