When Creating the Congress, the Founders of the United States

question 2

Multiple Choice

When creating the Congress, the founders of the United States strove to create a legislature that could check the power of the

• A) president.
• B) Supreme Court.
• C) military.
• D) federal bureaucracy.
• E) federal courts.

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Definitions:

Notes Payable

A liability on a balance sheet representing promissory notes that a company must pay in the future.

Bad Debts Expense

The operating expense account that estimates the amount of credit sales that will probably not be collectible in a given accounting period when the Allowance method is used. For the direct write-off method, this account would be the actual amount written off.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of accounts receivable that may not be collected.

Interest Income

Income earned from investments and lending activities, including accounts receivable.