On December 31 of the current year, the unadjusted trial balance of a company using the percent of credit sales method to estimate bad debts included the following: credit sales $571,500, accounts receivable had a debit balance of $95,250, allowance for doubtful accounts had a credit balance of $921. What amount should be debited to bad debts expense, assuming 1% of credit sales will be uncollectible?

Contingent valuation is a method for assigning a price to ecological goods or services that are traded in markets.

a. true b. false

An auditor may not express a qualified opinion when

A. A scope limitation prevents the auditor from completing an important audit procedure. B. The auditor's report refers to the work of a specialist. C. An accounting principle at variance with the applicable financial reporting framework is used. D. The auditor lacks independence with respect to the audited entity.