Solved

Match the Accounting Description with Description by Entering the Proper

Question 83

Matching

Match the accounting description with description by entering the proper letter in the space provided.

Premises:

Responses:

A method of recording uncollectible accounts that estimates losses from uncollectible accounts and charges them to expense in the period when the sales are recorded

Direct charge-off method

Classifying accounts receivable balances according to how long they have been outstanding

Valuation account

Any account whose balance is revalued or reappraised in light of reasonable expectations

Aging the accounts receivable.

A method of recording uncollectible accounts as they occur

Allowance method

Premises:

A method of recording uncollectible accounts that estimates losses from uncollectible accounts and charges them to expense in the period when the sales are recorded

Classifying accounts receivable balances according to how long they have been outstanding

Any account whose balance is revalued or reappraised in light of reasonable expectations

A method of recording uncollectible accounts as they occur

Responses:

Direct charge-off method

Valuation account

Aging the accounts receivable.

Allowance method

Correct Answer:

Premises:

Responses:

A method of recording uncollectible accounts that estimates losses from uncollectible accounts and charges them to expense in the period when the sales are recorded

Classifying accounts receivable balances according to how long they have been outstanding

Any account whose balance is revalued or reappraised in light of reasonable expectations

A method of recording uncollectible accounts as they occur

Related Questions

Q78: At the end of the current year,

Q79: A procedure that groups accounts receivable according

Q80: On December 31, 2019, prior to adjustments,

Q81: The Haven Company uses the allowance method

Q82: The totals from the Savoy Company's Schedule

Q84: At the end of the current year,

Q85: At the end of the current year,

Q86: At the end of the current year,