What Is the Relearning Method? What Are Its Advantages and How

question 199

Essay

What is the relearning method? What are its advantages and how is it used? Give an example from your life.

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Definitions:

Journal Entries

Records of financial transactions in the accounting system, showing accounts affected, amounts, and date.

Allowance Account

An account used in accounting to reflect anticipated losses from accounts receivable that might not be collected.

Direct Write-Off Method

A method of accounting for bad debts whereby companies directly remove (write off) uncollectible amounts from accounts receivable when they are deemed uncollectible.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period.