Match the Term with the Definition

question 15

Multiple Choice

Match the term with the definition.
-Metaphor coined by Winston Churchill in 1946 to demark the line dividing Soviet-controlled countries in Eastern Europe from democratic nations in Western Europe following World War II.

• A)Central Intelligence Agency (CIA)
• B)Cold War
• C)containment
• D)House Un-American Activities Committee (HUAC)
• E)Housing Act of 1949
• F)iron curtain
• G)Marshall Plan
• H)North Atlantic Treaty Organization (NATO)
• I)NSC 68
• J)Korean War
• K)Taft-Hartley Act
• L)Truman Doctrine

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Definitions:

Allowance for Doubtful Accounts

An accounting provision made for potential future bad debts that might arise from credit sales being unpaid.

Uncollectible Accounts

Receivables that are considered to be uncollectable and are written off as a loss because payment is highly unlikely.

Net Credit Sales

The total value of sales made on credit during a period, minus any returns or allowances.

Income Statement Approach

A way of preparing financial statements where the focus is on determining net income or loss by subtracting expenses from revenues.