Which of the Following Statements Correctly Identifies the Shift in Employment

question 308

Multiple Choice

Which of the following statements correctly identifies the shift in employment in the manufacturing sector in the United States?

• A) In the 1940s,about 10 percent of American workers were employed in the manufacturing sector.
• B) Today,about 30 percent of American workers are employed in the manufacturing sector.
• C) The decline in jobs in the manufacturing sector mirrors a previous decline in employment in the U.S.agricultural sector.
• D) Both a and b are correct.

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Definitions:

Aging of Accounts Receivable

A method used to categorize accounts receivable based on the length of time an invoice has been outstanding, to manage and collect debts effectively.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the amount of receivables that may not be collected.

Bad Debts Expense

An expense account reflecting the cost of accounts receivable that a company does not expect to collect, typically due to customers' inability to pay.

General Journal Entries

Records of financial transactions in the general journal, documenting the details of business transactions and their impact on the accounts.