Question 1
Proper accounting requires an adjustment to the allowance for uncollectible accounts after a customer with an unpaid balance to the company has declared bankruptcy or after the account has been turned over to a collection agency.
◦ true
◦ false
Question 2
Sales transactions are the result of the following five functions in the sales and collection cycle: processing customer orders, granting credit, shipping goods, billing customers, and recording sales.
◦ true
◦ false