Once an Account Receivable is written off, can a business ever collect that money?
A) No, GAAP does not allow a company to collect any amounts from a customer who has had an account written off.
B) Only when using the direct write-off method can a company collect from a customer who has had an account written off.
C) Only when using the allowance method can a company collect from a customer who has had an account written off.
D) Both the allowance and direct write-off methods permit a company to collect from a customer who has had an account written off.
D) Both the allowance and direct write-off methods permit a company to collect from a customer who has had an account written off.
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Which of the following will result in the dissolution of a partnership?
A) admission of a new partner B) purchase of plant assets for the business C) contribution of an asset by an existing partner D) a partner's withdrawal of cash from the partnership
The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7000 of an employee's pay. Assume that an employee earned total wages of $10,100. What is the amount of total unemployment taxes the employer must pay on this employee's wages?
A. $545.40. B. $60.60. C. $420.00. D. $0.00. E. $606.00.
The breakeven point is the level of activity at which fixed costs are recovered
Indicate whether the statement is true or false
When using FYI messages, who is likely to gain the most benefit from the message?
A) The organization B) The sender C) The receiver D) Those who receive a blind carbon copy E) Both the sender and the receiver