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The primary accounting standard-setting body in the United States is the
The primary accounting standard-setting body in the United States is the Financial Accounting Standards Board (FASB).
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Asked 4/22/2014 1:16:58 AM
Updated 10/6/2014 4:01:28 PM
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The primary accounting standard-setting body in the United States is the Financial Accounting Standards Board (FASB).

Added 10/6/2014 4:01:28 PM
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what is meant by the direct write-off method
Weegy: Revenues produced through sales made on credit can be recorded under accrual basis accounting so long as three conditions are met. First, the source transaction that produced the revenue must be complete. [ Second, the revenue?s numerical value must be calculable. Third, there must be no doubt that the sum can be collected. Such revenues are recorded as accounts receivable on the balance sheet and are deducted as bad debt expense on the income statement should their values become uncollectible. ] (More)
Question
Updated 4/22/2014 7:27:00 AM
1 Answer/Comment
The direct write-off method the actual amount of uncollectible accounts receivable is deducted from the sales revenue in the accounting period in which they are determined to be uncollectible, instead of creating a provision for them in the period in which those sales occurred.

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Added 4/22/2014 7:27:00 AM
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Which of the following is not a step in the accounting process? (a)identification, (b)recording, (c)mmunication. verification
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Updated 4/22/2014 1:06:14 AM
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VERIFICATION is not a step in the accounting process.
Accounting is the process of identifying, recording, and communicating economic events of an organization to interested users.
Added 4/22/2014 1:06:14 AM
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what is the primary accounting standard setting body in the United States
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Updated 4/22/2014 8:03:59 AM
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Financial Accounting Standards Board (FASB) is the primary accounting standard setting body in the United States.
Added 4/22/2014 8:03:59 AM
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The resources a business owns are called:
Weegy: A resource is a source or supply from which benefit is produced. Typically resources are materials, money, services, staff, or other assets that are transformed to produce benefit and in the process may be consumed or made unavailable. (More)
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Updated 4/22/2014 2:11:15 AM
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The resources a business owns are called Assets.
Added 4/22/2014 2:11:15 AM
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what are liabilities
Weegy: Liabilities are: obligations that legally binds an individual or company to settle a debt. (More)
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Updated 4/25/2014 1:23:22 PM
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