1. The Allowance for Impairment will appear on the A. Income statement B. Statement of Financial Position C. Cash flow statement D. Statement of Changes in Equity I 2. Uncollectible accounts expense: A. Should not occur if the credit department properly investigates prospective customers who wish to purchase merchandise on credit. B. Is the amount of cash a business must pay each time a credit customer fails to pay his or her account. C. Is the amount a business must pay to a collection agency to recover amounts on overdue accounts receivable. D. Represents the loss in value of accounts receivable that are estimated to be uncollectible. 3. The Allowance for Impairment represents: A. Cash set aside to make up for bad debt losses. B. The amount of uncollectible accounts written off to date. C. The difference between total credit sales and collections on credit sales. D. The difference between the face value of accounts receivable and the estimated collectible amount of accounts receivable. 4. At December 31, before adjusting and closing the accounts had occurred, the Allowance for Impairment of Seaboard Corporation showed a debit balance of $3,200. An aging of the accounts receivable indicated the amount probably uncollectible to be $2,100. Under these circumstances, a year-end adjusting entry for Impairment Loss of Receivables would include a: A. Debit to the Allowance for Impairment for $1,100. B. Credit to the Allowance for Impairment for $1,100. C. Debit to Impairment Loss of Receivable for $2,100. D. Debit to Impairment Loss of Receivable for $5,300