The Collection of an Account That Had Been Previously Written

question 42

Multiple Choice

The collection of an account that had been previously written off under the allowance method for uncollectible accounts

• A)increases profit in the period of collection.
• B)involves a credit to Bad Debt Expense.
• C)will usually require two journal entries.
• D)is recorded by debiting Cash and crediting Bad Debt Expense.

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Definitions:

Process Loss

Reductions in group performance compared to individual performance, often due to coordination and motivation problems within the group.

Steiner

A psychologist known for his formulations on group productivity, specifying that the actual productivity of a group is based on its potential productivity minus losses due to faulty group processes.

Self-Awareness

The conscious knowledge of one's own character, feelings, motives, and desires.