Matching
Match each definition to its term
Premises:
The accounting principle that requires expenses to be reported in the same period as their related sales
A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts
The cost a borrower incurs when taking out a loan, alternatively the profit from lending money for a lender
A written promise to pay a specified amount either on demand or at a definite future date
The one to whom the promissory note is made payable
One who signs a note and promises to pay it at maturity
The expected proceeds from converting an asset into cash
The accounts of customers who do not pay what they have promised to pay a company
A contra asset account with a balance approximating the amount of accounts receivable expected to be uncollectible
Amounts due from customers arising from credit sales
Responses:
Accounts receivable
Aging of accounts receivable
Promissory note
Realizable value
Bad debts
Matching principle
Interest
Allowance for doubtful accounts
Maker of a note
Payee of a note
Correct Answer:
Premises:
Responses:
The accounting principle that requires expenses to be reported in the same period as their related sales
A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts
The cost a borrower incurs when taking out a loan, alternatively the profit from lending money for a lender
A written promise to pay a specified amount either on demand or at a definite future date
The one to whom the promissory note is made payable
One who signs a note and promises to pay it at maturity
The expected proceeds from converting an asset into cash
The accounts of customers who do not pay what they have promised to pay a company
A contra asset account with a balance approximating the amount of accounts receivable expected to be uncollectible
Amounts due from customers arising from credit sales
Premises:
The accounting principle that requires expenses to be reported in the same period as their related sales
A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts
The cost a borrower incurs when taking out a loan, alternatively the profit from lending money for a lender
A written promise to pay a specified amount either on demand or at a definite future date
The one to whom the promissory note is made payable
One who signs a note and promises to pay it at maturity
The expected proceeds from converting an asset into cash
The accounts of customers who do not pay what they have promised to pay a company
A contra asset account with a balance approximating the amount of accounts receivable expected to be uncollectible
Amounts due from customers arising from credit sales
Responses:
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