If an Account Receivable Written Off During a Prior Year

question 74

True/False

If an account receivable written off during a prior year is subsequently collected during the current year, the amount collected must be included in the gross income of the current year to the extent it created a tax benefit in the prior year.

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Definitions:

Frequency

The number of occurrences of a repeating event per unit of time, often applied to waves or vibrations.

Amplitude

The greatest distance of a swing or fluctuation, measured from the point of balance.

Place Theory of Pitch

A theory that suggests the perception of pitch relates to the location of maximum vibration on the basilar membrane inside the cochlea.

Basilar Membrane

A structural element within the cochlea of the inner ear that plays a critical role in sound perception by vibrating in response to sound waves, thus contributing to the mechanical processes that convert sound into neural signals.