The Suez Canal,built in 1869 Largely by French Engineers and French

question 32

Multiple Choice

The Suez Canal,built in 1869 largely by French engineers and French capital,was significant because it

• A) connected the Nile with the Red Sea.
• B) connected the Mediterranean with the Persian Gulf.
• C) reduced the travel time from Europe to India from months to weeks.
• D) gave Egyptian agriculture an advantage by putting hundreds of thousands of new acres under cultivation.

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Definitions:

Uncollectible Accounts

Accounts receivable that are recognized as not being collectible, leading to a write-off as a bad debt expense.

Bad Debts Expense

Bad debts expense is an estimate of the accounts receivable that a company does not expect to collect, treated as an expense on the income statement.

Payment on Account

A payment made towards an outstanding account balance, before the final settlement of the account.

Notes Receivable

Written promises for amounts to be received by a business, typically with interest, from other parties or customers.