A Firm Has Determined That 66 Per Cent of Its

question 12

Multiple Choice

A firm has determined that 66 per cent of its accounts receivable are less than 1 month old,32 per cent are more than 1 month but less than 2 months old,and the remainder are more than 2 months old.The firm probably compiled a(n) _____ to determine this information.

• A)credit scoring report
• B)aging schedule
• C)settlement statement
• D)collateral trust schedule
• E)invoice

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Definitions:

Corporation

A legal entity that is separate and distinct from its owners, established to conduct business or engage in activities, with the ability to own assets, incur liabilities, and sell shares.

Certificate of Limited Partnership

A legal document filed with a state governmental body to form a limited partnership, outlining the rights and obligations of each partner.

Secretary of State

A high-ranking official in a state government responsible for maintaining public records and documents, among other duties, varying by country.

Limited Partner

An investor in a partnership who has limited liability to the extent of the amount of their investment and does not participate in the day-to-day management of the business.