Which of the Following Statements Is Correct

question 54

Multiple Choice

Which of the following statements is correct?

• A) XML is an extensible syntax that can be used to specify many different kinds of data.
• B) XML has one specific purpose: to describe web documents.
• C) XML tells you how to display data.
• D) You can always replace XML elements with attributes.

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Definitions:

Allowance for Doubtful Accounts

An accounting method that reduces accounts receivable on a company's balance sheet by estimating the amount of receivables that will not be collected.

Uncollectible Receivables

Debts owed to a company that are considered unlikelihood to be collected.

Bad Debt Expense

Unrecoverable amounts from accounts receivable representing financial losses for a company.

Direct Write-off Method

An accounting practice where actual bad debts are written off against income at the time they are identified as irrecoverable.