The Correct Journal Entry to Record the Reversal of an Impairment

question 6

Multiple Choice

The correct journal entry to record the reversal of an impairment loss is:

• A)Debit Accumulated impairment losses Credit Impairment loss reversal (income)
• B)Debit Asset Credit Impairment loss (expense)
• C)Debit Impairment loss reversal (income)Credit Accumulated impairment losses
• D)Debit Asset Credit Impairment loss reversal (income)

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Definitions:

Professional Selling

The practice of selling products or services in a business-to-business context, focusing on meeting the professional needs of the buying organization.

Transaction Selling

A sales approach focused on completing a single sale or transaction rather than building a long-term relationship with the customer.

Realtor

A real estate professional who is a member of the National Association of Realtors and adheres to its strict code of ethics.

Service Quality

The measurement of how well a service meets or exceeds the expectations of customers, often considered essential for customer satisfaction and loyalty.