When an Account Receivable That Was Previously Written Off Is

question 136

True/False

When an account receivable that was previously written off is collected, it is first necessary to reverse the entry to reinstate the customer's account before recording the collection.

---

Definitions:

Average Employee

A hypothetical or statistical worker representative of the typical skill level, salary, and experience within a company or industry.

Economic Planning

The process by which government officials allocate resources and organize economic activities with the goal of achieving specific economic outcomes.

CEOs Pay

The compensation received by chief executive officers, including salary, bonuses, shares, and other financial rewards, often a subject of public debate regarding its fairness and impact on company performance.

Civil Society

The realm of organized social life that is voluntary, self-sustaining, and separate from the state, encompassing NGOs, community groups, and other non-state actors.