41. What do bookkeepers do when they don’t know how to book something? Select all that apply.

  • They ask for help from a best friend.
  • They ask the business owner for more clarification.
  • They make their best guess based on the information they have. 
  • They ask a fellow bookkeeper or accountant. 
  • They research online.

42. True or False. The Direct Write-Off Method adheres to the matching principle because it lets businesses write off debt that is believed to be uncollectible.

  • False
  • True

43. When a customer purchases something by cash or check, before it’s deposited into the bank, which account should it be entered into?

  • Accounts Receivable
  • Petty Cash
  • Inventory
  • Undeposited Funds

44. If a customer or vendor buys something on credit, but hasn’t made a payment in over 30 days, which receivable account should be used?

  • “Doubtful” Receivable
  • “Aging” Receivable
  • Accounts Uncollectible
  • Accounts Receivable

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