The application of statistical methods to monitor and control a process in order to reduce variability best defines
A) testing and inspection.
B) scope analysis.
C) statistical process control.
D) random review.
C
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Emma's Clothes, Inc. has accounts receivable of $210,000. In the current economy, she has noticed an increase in uncollectible accounts. In 2016, her sales were $3,200,000 and in 2017, sales were $3,800,000. She has estimated in the past that 2% of sales would eventually be uncollectible. Emma believes that her losses were closer to 3% last year. She has recorded bad debt expense of 2% for 2017
Does she need to make a retroactive correction for 2016, and should she add an additional adjustment to 2017? If so, write the journal entry for the year-end adjustment. What will be an ideal response?