If an Account Is Collected After Having Been Previously Written

question 20

Multiple Choice

If an account is collected after having been previously written off

• A)the Allowance account should be debited.
• B)only the control account needs to be credited.
• C)both income statement and statement of financial position accounts will be affected.
• D)there will be both a debit and a credit to Accounts Receivable.

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Definitions:

Shortage Of Labor

A situation in which the demand for labor exceeds the supply available, often leading to increased wages and a struggle for employers to fill job positions.

Policymakers

Individuals or groups responsible for making decisions and creating rules or laws that shape the governance, economy, and societal conduct.

Legal Decree

An official order issued by a legal authority with the force of law behind it.

Allocation Of Society's Resources

The distribution of a society's wealth and resources among its population and industrial sectors, often influenced by economic policies and priorities.