All but One of the Following Is Classified to Some

question 81

Multiple Choice

All but one of the following is classified to some extent as a "thrift":

• A) commercial bank
• B) savings and loan association
• C) savings bank
• D) credit union

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Definitions:

Sales Discounts

Refers to the reduction in the amount payable by a customer if the customer pays their invoice within a specific period as defined by the seller.

Allowance for Doubtful Accounts

An estimation of the amount of accounts receivable that may not be collectible.

Allowance Method

An accounting technique used to estimate and account for potential uncollectible accounts receivable and bad debts.

Net Realizable Value

The projected selling price of items subtracted by their sales or disposal expenses.