Solved

Match Each Description to the Appropriate Term

Question 186

Matching

Match each description to the appropriate term.

Premises:
A receivable created from selling merchandise or services on account
A list of customer accounts sorted by age classes
A contra asset that represents the amount of estimated uncollectible receivables
Records bad debt expense only when a specific customer’s account is deemed worthless
Operating expense recorded as a result of receivables becoming uncollectible
The difference between accounts receivable and allowance for doubtful accounts
Term for selling receivables
All money claims against other entities
Measures how frequently during the year accounts receivable are being turned into cash
Responses:
Accounts receivable turnover
Net realizable value
Accounts receivable
Aging report
Receivables
Direct write-off method
Allowance for doubtful accounts
Bad debt expense
Factoring

Correct Answer:

A receivable created from selling merchandise or services on account
A list of customer accounts sorted by age classes
A contra asset that represents the amount of estimated uncollectible receivables
Records bad debt expense only when a specific customer’s account is deemed worthless
Operating expense recorded as a result of receivables becoming uncollectible
The difference between accounts receivable and allowance for doubtful accounts
Term for selling receivables
All money claims against other entities
Measures how frequently during the year accounts receivable are being turned into cash
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