Under the Allowance Method,when a Receivable That Had Been Previously

question 117

Multiple Choice

Under the allowance method,when a receivable that had been previously written off is collected:

• A)Net income is increased.
• B)Net assets are increased.
• C)Net income and net assets are not affected.
• D)Net assets and net income are both increased.

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Definitions:

Car Accident

An unexpected event involving motor vehicles, resulting in damage, injury, or fatalities, often requiring legal and insurance intervention.

Internal-Stable

Attribute of an explanation or attribution where an individual perceives the cause of an event as due to a stable, internal characteristic.

External-Unstable

A cause for an event that is outside one's personal control and is not consistent over time.

Scholarship

A form of financial aid awarded to students based on academic or other achievements to support their education.