A Member of the House of Representatives Serves a Two-Year

question 36

True/False

A member of the House of Representatives serves a two-year term while a senator's term is six years. House members have no term limits, but senators have a two-term limit.

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Definitions:

Allowance for Doubtful Accounts

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

Bad Debts Expense

An expense account reflecting the cost of accounts receivable that a company does not expect to collect due to customer defaults.

Allowance Method

An accounting technique used to account for bad debts by estimating and recording uncollectible accounts receivable.

Outstanding Receivables

The total amount of money owed to a company by its customers for goods or services delivered but not yet paid for.