In Contrast to the 17^th Century, by 1775, Colonial Americans

question 6

Multiple Choice

In contrast to the 17^th century, by 1775, colonial Americans

• A) had become more stratified into social classes.
• B) had all but eliminated poverty.
• C) found that it was easier for ordinary people to acquire land.
• D) had nearly lost their fear of slave rebellion.
• E) had few people who owned small farms.

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Definitions:

Allowance Method

A method used in accounting to estimate the amount of uncollectible accounts receivable. This ensures revenues and expenses are matched in the period they are incurred.

Allowance for Doubtful Accounts

This is a contra-asset account used to estimate the portion of accounts receivable that may not be collectible.

Accounts Receivable

Funds that customers owe a company for goods or services already provided but not yet compensated for.

Allowance Method

An accounting technique used to estimate and account for a firm's potentially uncollectible accounts receivable.