INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 88

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-Two key indicators of economic activity in the U.S.are production levels and [employment levels | cost of living].

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

---

Definitions:

Estimated Entry

An accounting entry made to record expected but not yet realized financial transactions or adjustments.

Net Realizable Value

The estimated selling price in the ordinary course of business, minus any costs reasonably expected to be incurred in completion, transportation, and selling.

Gross Accounts Receivable

The total amount owed to a business by its customers before adjusting for any allowances for doubtful accounts.

Allowance for Doubtful Accounts

A contra-asset account that represents the amount of receivables a company does not expect to collect.