Under Early Common Law, the King Appointed "Keepers of the Peace

question 14

Multiple Choice

Under early common law, the king appointed "Keepers of the Peace" who:

• A) Were hated by local people because they were seen as outsiders
• B) Terrorized local citizens to make sure they obeyed the king
• C) Were knights who provided a way for local people to have access to the courts
• D) Were lawyers who helped settle minor disputes between citizens

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Definitions:

Uncollectible Receivables

Accounts receivable that a company has determined are unlikely to be collected and thus are written off as a bad debt expense.

Bad Debt Expense

An expense reported on the income statement, reflecting the cost of debts that are deemed uncollectible.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the amount of accounts receivable that may not be collectible.

Uncollectible Expenses

Costs resulting from customers' failure to pay what they owe, also known as bad debts.