What Were the Basic Raw Materials Used in the Early

question 40

Multiple Choice

What were the basic raw materials used in the early industrial age?​

• A)​sugar and silk
• B)​steam and cotton
• C)​silk and cotton
• D)​steam and coal
• E)​coal and cotton

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Definitions:

Aging of Accounts Receivable

A method of categorizing accounts receivable based on how long they have been outstanding.

Percentage of Sales Basis

A forecasting method where certain expenses or accounts are based on a predetermined percentage of sales.

Bad Debt Expense

The cost associated with accounts receivable that a company does not expect to collect.

Aging Schedule

A table summarizing the amounts owed to a business, grouped by the length of time the bills have been outstanding, used to monitor and manage receivables.