Who or What Is Responsible for Bringing Together Scarce Resources

question 18

Multiple Choice

Who or what is responsible for bringing together scarce resources to produce most of the goods and services in the U.S.?

• A) the U.S. government
• B) the United Nations
• C) the Federal Reserve Bank
• D) markets and prices

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Definitions:

Uncollectible Accounts

Debts owed to a company that are considered to be uncollectable and are therefore written off as a bad debt expense.

Estimated Uncollectible

An accounting term referring to the portion of accounts receivable that a company does not expect to collect.

Allowance Method

is an accounting technique that estimates and reports the likely amount of uncollectible accounts receivable as an allowance for doubtful accounts.

General Ledger Account

A comprehensive record containing all the financial transactions of a business.