Closed questions should be used when the analyst:
A) needs to explore a new situation.
B) is able to list all possible responses.
C) needs to learn an opinion.
D) has only a small group of people to obtain information from.
B
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At the beginning of 2017, Smoothie Town, Inc has the following account balances
Accounts receivable $44,000 (Debit) Allowance for Bad Debts $7,000 (Credit) During the year, credit sales were $820,000. Cash collected on credit sales was $750,000, and $18,000 was written off. Smoothie Town uses the aging-of-receivables method to record bad debts expense. The amount estimated as uncollectible was $26,000. The amount of Bad Debts Expense for 2017 is ________. A) $37,000 B) $26,000 C) $11,000 D) $8,000
A closely held manufacturing company must disclose all of the following information in audited financial statements except
a. Replacement cost of inventory b. Pledged inventory c. LIFO reserves d. Changes in methods of accounting for inventory