At Issue in Was How the Commerce Clause Should Be

question 30

Multiple Choice

At issue in was how the commerce clause should be defined and whether the national government had exclusive power to regulate commerce in more than one states.

• A) Gibbons v. Ogden (1824)
• B) McCulloch v. Maryland (1819)
• C) Marbury v. Madison (1803)
• D) United States v. Lopez (1995)
• E) Printz v. United States (1997)

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Definitions:

Bad Debts Expense

An expense recognized when it is judged that some accounts receivable cannot be collected, reflecting the cost of credit sales that will not turn into cash.

Allowance for Doubtful Accounts

A reserve account used to estimate the amount of receivables that may not be collectible.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business, whichever is longer.

Allowance for Doubtful Accounts

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