Contour Farming Involves

question 54

Multiple Choice

Contour farming involves

• A)converting a steep slope into a series of terraces.
• B)building a series of small dams.
• C)plowing and planting in rows across the slope rather than up and down.
• D)plowing straight down-slope or straight up-slope.
• E)stimulating the growth of soil bacteria.

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Definitions:

Allowance Method

An accounting technique that estimates uncollectible accounts receivable and records those estimates as an expense, providing a more accurate representation of net income.

Write Off

An accounting action resulting in the reduction of the book value of an asset due to uncollectibility or loss of value, impacting profit and loss statements.

Accounting Equation

The fundamental equation that represents the relationship between a company's assets, liabilities, and shareholders' equity: Assets = Liabilities + Stockholders' Equity.

Note Receivable

A note receivable is a financial document representing a written promise for payment received by one party from another, typically including specifics of interest rate and maturity date.