Question
Click to watch the Concept Clip Failure to Collect video and then answer the questions below. 1. Which is usually the first course of action
Click to watch the Concept Clip Failure to Collect video and then answer the questions below.
1. Which is usually the first course of action a business takes to collect a bill?
a) Turns the bill over to a collection agency.
b) Reports the non-payment to the tax agency.
c) Contacts the person to ask about why they haven't paid and adjust terms to maximize the potential for collection.
d) Writes off the bill as a part of doing business.
2. Which is usually the last course of action a business takes to collect a bill?
a) Turns the bill over to a collection agency.
b) Reports the non-payment to the tax agency.
c) Contacts the person to ask about why they haven't paid and adjust terms to maximize the potential for collection.
d) Writes off the bill as a part of doing business.
3. The estimate for uncollectible accounts is normally based on which of the following?
a) past experience
b) industry averages
c) forecasts of the future
d) all of the above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started