An Undesirable By-Product of the Factory System Was

question 40

Multiple Choice

An undesirable by-product of the factory system was:

• A)Higher taxes for the factory owners
• B)Abuse of unskilled workers and children
• C)The creation of labor unions
• D)Lack of strong government regulation

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Definitions:

Allowance for Doubtful Accounts

A contra-asset account that represents an estimate of the amount of accounts receivable which may not be collected, reducing the gross amount of receivables reported on the balance sheet.

Balance Sheet

A report detailing a firm's assets, liabilities, and owners' equity at a particular moment, offering a glimpse into its financial health.

Contra-Asset Account

An account on a company's balance sheet that reduces the value of a related account.

Bank Reconciliations

The process of matching and balancing figures in accounting records with those presented in a bank statement to ensure they are in agreement and accurate.