The T4 Slip Provided by Your Employer Shows All Your

question 72

Multiple Choice

The T4 slip provided by your employer shows all your

• A)income earned and tax deducted for the year.
• B)income, union dues, and taxes for the year.
• C)income earned and RPP deductions for the year.
• D)income and deductions made by that employer for the year.

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Definitions:

Uncollectible Account

An account receivable that is considered to be uncollectible and is therefore written off as a loss.

Allowance Method

An accounting technique used to estimate and account for potential uncollectible accounts receivable.

Write-off

The accounting action of declaring that an asset or receivable value is reduced or eliminated, often due to uncollectibility or obsolescence.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the amount of receivables that may not be collectible.