The Collection of an Account That Had Been Previously Written

question 64

Multiple Choice

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

• A) will increase net income in the period it is collected.
• B) will decrease net income in the period it is collected.
• C) requires a correcting entry for the period in which the account was written off.
• D) does not affect net income in the period it is collected.

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Definitions:

Mechanical Societies

Term used by Émile Durkheim to describe simple, traditional societies connected by similarities and communal bonds rather than complex division of labor.

Organic Societies

Refers to social systems perceived as living organisms, where different parts work together harmoniously, often used to describe pre-modern societies.

Nonmaterial Social Facts

Elements of culture, such as values, beliefs, norms, and rituals, that shape human behavior and social order.

Empirically Studied

Investigated and analyzed through observation and experience rather than theory or pure logic.