Identify a True Statement About the Development Round in Which

question 44

Multiple Choice

Identify a true statement about the Development Round in which the members of the World Trade Organization (WTO) met and launched a round of negotiations at Doha,Qatar in November 2011.

• A) The WTO members agreed upon the opening of government procurement markets to companies in the developed nations.
• B) There was a lack of consensus among WTO members regarding agricultural subsidies.
• C) There was a lack of consensus among WTO members regarding unbalanced population pyramids.
• D) The WTO members agreed upon the issues of competition.

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Definitions:

Allowance for Doubtful Accounts

The allowance for doubtful accounts is an accounting technique to estimate the amount of receivables that are expected not to be collected, acting as a contra account to accounts receivable.

Bad Debt Expense

An expense reported on the income statement, representing the estimated amount of credit sales that are not expected to be collected due to customer default.

Uncollectible Receivables

Refers to money owed to a company that it is unable to collect from its debtors, often considered as a bad debt expense.

Allowance Method

An accounting technique used to estimate and account for bad debts, where companies anticipate some accounts receivable will be uncollectible.