What Is Defined as Any Data Item in a Record

question 14

Multiple Choice

What is defined as any data item in a record that is used to identify the record?

• A) an attribute
• B) a key
• C) a primary key
• D) an entity

Identify the components and strategies that affect collection float.

Recognize the significance of electronic transactions and their influence on reducing collection and disbursement floats.

Comprehend the concept of net float and its importance in cash management.

Understand the role and mechanism of preauthorized payments and their impact on collection time.

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Definitions:

Allowance for Doubtful Accounts

An accounting provision made by companies to account for potential future bad debts, reflecting credit sales that might not be collected.

Write Off

The accounting action of declaring that an asset is no longer useful and recording its depreciation in the financial statements.

Expense Recognition Principle

An accounting principle that matches expenses with the revenues they helped to generate, recognizing expenses in the same period as the revenues.

Direct Write-off Method

An accounting method where uncollectible accounts receivable are directly removed from the accounts when deemed irrecoverable.