On the Balance Sheet,the Amount Shown for the Allowance for Doubtful

question 129

Multiple Choice

On the balance sheet,the amount shown for the Allowance for Doubtful Accounts is equal to the

• A)uncollectible accounts expense for the year
• B)total of the accounts receivables written-off during the year
• C)total estimated uncollectible accounts as of the end of the year
• D)sum of all accounts that are past due

---

Definitions:

Revenue

The total amount of money received by a company for goods sold or services provided during a certain period.

Record Payments

The process of documenting all money transfers made to settle debts or for purchases in the accounting records of a company.

Perpetual Inventory Method

An accounting method for maintaining continuous records of inventory balances, with updates made for each purchase and sale transaction.

Merchandise Inventory

Products held by a business for the purpose of sale to customers, a key asset in retail and wholesale operations.