The Trial Balance of Anderson Ltd Included the Following Balances

question 19

Multiple Choice

The trial balance of Anderson Ltd included the following balances:

On 1 October 2016, an account for $1600 was determined to be uncollectable. The journal entry to be made on that date would include a debit to:

• A) Bad debts expense.
• B) Accounts receivable.
• C) Allowance for doubtful debts.
• D) none of the answers provided.

Understand the components and importance of financial planning.

Recognize the steps in the financial planning process and their significance.

Identify and assess various types of financial risks and how they impact financial decisions.

Understand the role of savings and investment in achieving financial goals.

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Definitions:

Maslow's Hierarchy

A psychological theory proposing that human needs are arranged in a hierarchy from physiological needs to safety, love and belonging, esteem, and finally self-actualization; individuals are motivated by the need they have not yet satisfied.

Alderfer's ERG Theory

A model in motivational psychology that categorizes human needs into three groups: Existence, Relatedness, and Growth.

Herzberg's Two-factor

A theory that suggests job satisfaction and dissatisfaction arise from two separate groups of factors: motivators and hygiene factors.

McClelland's Acquired Needs

A theory suggesting that an individual's specific needs (achievement, affiliation, power) are acquired over time and shape their motivation and behavior.