If an Account Is Collected After Having Been Previously Written

question 86

Multiple Choice

If an account is collected after having been previously written off

• A)the allowance account is debited.
• B)only the control account is credited.
• C)both statement of income and statement of financial position accounts are affected.
• D)there is both a debit and a credit to Accounts Receivable.

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Definitions:

New Technology

Refers to the latest advancements and innovations in technology that offer new capabilities or significant improvements over previous versions.

Customize

The process of modifying or adapting a product or service to meet specific requirements or preferences of a user.

Local Situation

The specific conditions, attributes, and set of circumstances that prevail in a particular area or environment at a given time.

Organizational Culture

The collective principles, convictions, and standards that affect how workers within a company perceive, experience, and act.