In the Early Days of Its Colonization, Britain Used Australia

question 12

Multiple Choice

In the early days of its colonization, Britain used Australia as a

• A)plantation.
• B)source of natural resources.
• C)source of slaves.
• D)prison colony.
• E)tourist destination.

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Definitions:

Accounts Receivable

Unpaid customer debts to a company for goods or services that have been supplied.

Bad Debts Expense

An expense reported on the income statement reflecting the cost of estimated uncollectible accounts receivable.

Net Credit Sales

Sales made on credit minus any sales returns or allowances, reflecting the actual credit sales revenue.

Uncollectible Accounts

Debts owed to a company that are considered to be uncollectable and are therefore written off as a bad debt expense.