Societal Values,trends,traditional,and Religious Practices Are Examples of

question 39

Multiple Choice

Societal values,trends,traditional,and religious practices are examples of

• A)consumer forces.
• B)industry forces.
• C)social forces.
• D)None of the above.

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Definitions:

Allowance Account

An account used in accrual accounting to estimate future adjustments, such as doubtful accounts or returns, affecting the value of asset accounts.

Percentage of Sales

A financial ratio illustrating how a particular figure on the financial statements reflects a certain percentage of the total sales.

Percentage of Receivables

A method used to estimate the amount of bad debt expense by calculating a fixed percentage of accounts receivable to be uncollectible.

Uncollectible Accounts

Accounts receivable that a company has determined are unlikely to be collected and written off as an expense.