The Allowance Method That Brings the Balance of the Allowance

question 145

Multiple Choice

The allowance method that brings the balance of the allowance account to the needed amount as determined by the aging schedule is:

• A) the percent-of-sale method.
• B) the aging-of-receivables method.
• C) an income statement approach, since it focuses on the amount of expense to be reported on the income statement.
• D) none of the above.

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Definitions:

Political Party Machines

Political entities in the 19th and early 20th centuries that controlled party nominations and patronage, often through corruption and favoritism, to maintain power.

Spoils System

The term meaning the filling of federal government jobs with persons loyal to the party of the president; originated in Andrew Jackson’s first term.

Whigs

A political faction and then a formal party in the parliaments of England, Great Britain, Ireland, and the United Kingdom, that was influential from the 1680s to the 1850s, advocating for parliamentary supremacy and opposed to the royal prerogative.

Spoils System

A practice where political party leaders give government jobs to their supporters as a reward for their assistance in achieving victory.