Which of the following statements is true?
a) The COSO report failed to define internal control
b) The COSO report emphasized that an internal control system is a tool of management
c) SAS 78 rejected the definition of internal control provided in the COSO report
d) COBIT concluded that a company's management is not responsible for establishing and monitoring a company's internal control system

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)