Which of the following is one of the results of small business innovation?
A. Greater competition between small and large companies
B. The invention of new products and the way we do things
C. Large companies becoming less innovative and going out of business
Ans: B. The invention of new products and the way we do things
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Which of the following methods of determining bad debt expense does not properly match expense and revenue?
a. Charging bad debts with a percentage of sales under the allowance method. b. Charging bad debts with an amount derived from a percentage of accounts receivable under the allowance method. c. Charging bad debts with an amount derived from aging accounts receivable under the allowance method. d. Charging bad debts as accounts are written off as uncollectible.
When a business accepts payment by credit cards or debit cards, a fee is paid to the card processor
Indicate whether the statement is true or false