B. It consists of mostly short-answer and fill-in-the-blank items.
It actually doesn't have any short answer questions. Most of the PSAT is multiple choice.
The answer you may be looking for is FLAT.
It started when the patriarch of Constantinople and partiarch of Rome excommunicated each other.
Answer: The act’s main purpose was not to raise revenue from the colonies but to bail out the floundering East India Company, a key actor in the British economy. The British government granted the company a monopoly on the importation and sale of tea in the colonies. The colonists had never accepted the constitutionality of the duty on tea, and the Tea Act rekindled their opposition to it.
Explanation:
Answer:
B- affects the net realizable value of accounts receivable
Explanation:
The mechanics of the allowance method are that the initial entry is a debit to bad debt expense and a credit to the allowance for doubtful accounts (which increases the reserve). The allowance is a contra account, which means that it is paired with and offsets the accounts receivable account. When a specific bad debt is identified, the allowance for doubtful accounts is debited (which reduces the reserve) and the accounts receivable account is credited (which reduces the receivable asset). If a customer subsequently pays an invoice that has already been written off, then the process is reversed to increase both the allowance and the accounts receivable account, after which the cash account is debited to increase the cash balance and the accounts receivable account is credited to reduce the receivable asset.
