If an Account Is Collected After Having Been Previously Written

question 116

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 statement of earnings and balance sheet accounts will be affected.
• D) there will be both a debit and a credit to trade accounts receivable.

Identify the characteristics of a knowledge worker.

Understand the concept of globalization and its effects on business competition and operations.

Clarify the meanings of prejudice and discrimination and their impact on workplace dynamics.

Recognize the importance of ethics, integrity, and ethical leadership in organizations.

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Definitions:

Invests

The initiative of funneling financial capitals in order to gain profits or generate income.

Trust Fund

A legal arrangement where assets are held and managed by one party for the benefit of another, often used for inheritance, to manage charity donations, or to protect assets.

Interest Rate

The fraction of a loan incurred as interest by the borrower, commonly indicated as a yearly percentage.

Grandchildren

The children of one's children, forming the third generation in a family lineage.