What is another name for the percentage of sales method?
Percent of Sales Method - Accounts Receivable

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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The income method
The cash method
The balance sheet method
The accrual method
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are cash sales not considered in the percentage of sales method?
Because cash sales are already collected
Because cash sales are not recorded
Because cash sales are less than credit sales
Because cash sales are more difficult to track
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main focus of the percentage of sales method?
Sales from the previous year
Only credit sales
Only cash sales
All sales, including cash and credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the estimated percentage for bad debt determined in the percentage of sales method?
By using historical evidence
By guessing based on current sales
By consulting with a financial advisor
By comparing with competitors
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the sales account at the end of each year?
It is reduced by half
It is doubled for the next year
It is closed out and starts from zero
It is carried over to the next year
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