If the allowance method is used, how does recording the recovery of an uncollectible account affect the elements of the financial statements? (Hint: Consider the effect of both the reinstatement and the collection of the receivable taken together.)
A. Increase total assets and stockholders' equity
B. No effect on total assets or stockholders' equity
C. Decrease total assets
D. Increase stockholders' equity
Answer: B
You might also like to view...
Your state university has been recognized by its peer schools for having a healthy culture, particularly in its responses to recent weather disasters that resulted in the loss of homes for more than 500 students, faculty, and staff. Could clashing subcultures still exist in your university? For what reasons?
What will be an ideal response?
Succession plans are developed only for management employees.
Answer the following statement true (T) or false (F)
Brad, a project manager, wants to build a database to integrate information about employees and tasks that they handle. Brad wants to track information such as task name, productivity of an employee on daily basis, and employee name. These aspects that Brad wants to track are called ________.
A. records B. identifiers C. primary keys D. entities E. quarks
Hector works as an office assistant for a small, five-person software development start-up. Since it is a relatively new company without extensive resources, Hector is constantly having to deal with a lack of supplies and faulty office equipment. While these problems sometimes get him down, the co-owners of the fledgling company are his friends from college, and he looks forward to seeing them every day. In order to offset his frustration with the sometimes inadequate equipment, Hector instead celebrates the fact that he gets to work in a casual environment with friends. Hector's approach is an example of
A. secondary appraising. B. behavioral coping. C. emotion-focused cognitive coping. D. strain mitigation. E. problem-focused cognitive coping.