During the Year,Liptom Company Made an Entry to Write Off

question 32

Multiple Choice

During the year,Liptom Company made an entry to write off a $4,000 uncollectible account.Before this entry was made,the balance in accounts receivable was $60,000 and the balance in the allowance account was $4,500 (normal balance) .What is the net realizable value of accounts receivable after the write-off entry?

• A)$60,000
• B)$59,500
• C)$55,500
• D)$51,500

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Definitions:

Criterion Validity

The extent to which a measure is related to an outcome or, more specifically, the effectiveness of a test in predicting an individual's behavior in specific contexts.

Psychological Test

A standardized measure of a sample of a person's behavior or mental processes.

Personality Trait

A characteristic way of thinking, feeling, and behaving that is relatively stable over time and across situations.

Reliable

The quality of being consistently good in quality or performance; able to be trusted.