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Match the Description with the Accounting Terms

Question 93

Matching

Match the description with the accounting terms.

Premises:

Responses:

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

Aging the accounts receivable.

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

Allowance method

A method of recording uncollectible accounts as they occur

Direct charge-off method

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

Valuation account

Premises:

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

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

A method of recording uncollectible accounts as they occur

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

Responses:

Aging the accounts receivable.

Allowance method

Direct charge-off method

Valuation account

Correct Answer:

Premises:

Responses:

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

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

A method of recording uncollectible accounts as they occur

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

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