Under the allowance method writing off an uncollectible account

A) affects only balance sheet accounts.
B) affects both balance sheet and income statement accounts.
C) affects only income statement accounts.
D) is not acceptable practice.

Which of the following is true of a revocation?

A) The power of revocation of an offer lies with the offeree.
B) Death or insanity cannot be reasons for revocation.
C) Promissory estoppel is used to prevent revocations.
D) Offers that fail to state a specified time period are considered invalid.

As the price of ballpoint pens increases,the demand for felt-tip pens can be expected to decrease.

The authors explain that the marginal cost of production does not have to be constant in order to maximize profits under intertemporal price discrimination. Which of the following is NOT an example of changing marginal costs under profit-maximizing intertemporal price discrimination?

A) Marginal cost increases sharply after the initial marketing stages when the product is sold to the broader market of consumers.
B) Marginal costs decline over time due to learning-by-doing.
C) Marginal costs decline over time because the producer sells less expensive versions of the product in later stages of marketing (e.g., hard-cover versus paper-cover books) .
D) Marginal costs decline over time due to economies of scale.

Income for year 1 using absorption costing is:

A) $76,000.
B) $82,400.
C) $88,800.
D) $106,600.
E) $111,000.

What are the major imports and exports of the United States?