Write-Offs of Doubtful Accounts Should Be Approved By

question 39

Multiple Choice

Write-offs of doubtful accounts should be approved by:

• A)the salesperson.
• B)the credit manager.
• C)the treasurer.
• D)the cashier.

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Definitions:

Intragroup Transaction

Transactions between companies that are part of the same corporate group, which must be eliminated in the consolidated financial statements.

NCI Adjustment

A modification made to reflect changes in the non-controlling interest's share of equity in a subsidiary.

Tax Rate

The percentage at which an individual or corporation is taxed by the government on their income or assets.

Inventory

The goods and materials a business holds for the purpose of resale or production.