Solved

Match the Following Explanations with the Terms Below

Question 201

Matching

Match the following explanations with the terms below.

Premises:
A means of accounting for uncollectibles which does not recognize any expense until specific receivables are determined to be worthless.
An account showing the amount of estimated uncollectible receivables.
The process of estimating uncollectible accounts by classifying accounts receivables by age groups.
Dividing net sales by average receivables to create a ratio to measure the liquidity of accounts receivable.
Very short-term liquid investments which must mature within 90 days of acquisition.
Cash and assets convertible directly into known amounts of cash.
An account showing the difference between the cost of an investment in securities and its market value.
The value of a note at its maturity date.
Highly liquid investments that can be sold in organized securities exchanges.
Responses:
Accounts Receivable Turnover Rate
Allowance for Impairment
Cash Equivalents
Direct Write Off Method
Financial Assets
Investments in Securities
Mark-to-Market
Gain on Fair Value Changes
None

Correct Answer:

A means of accounting for uncollectibles which does not recognize any expense until specific receivables are determined to be worthless.
An account showing the amount of estimated uncollectible receivables.
The process of estimating uncollectible accounts by classifying accounts receivables by age groups.
Dividing net sales by average receivables to create a ratio to measure the liquidity of accounts receivable.
Very short-term liquid investments which must mature within 90 days of acquisition.
Cash and assets convertible directly into known amounts of cash.
An account showing the difference between the cost of an investment in securities and its market value.
The value of a note at its maturity date.
Highly liquid investments that can be sold in organized securities exchanges.
Related Questions

Q169: Financial assets
(a. )Briefly explain what is meant

Q191: Write-off of uncollectible account receivable
On January

Q193: Information for the Hooper Company is

Q195: Balance sheet method-computations
Rainbow Company uses the balance

Q195: Internal control over cash transactions
(a.) Describe three

Q196: Investments in securities
(a.) Explain how investments in

Q197: Bank reconciliation
(a.) You are to complete the

Q198: Financial assets-effects of transactions
Five events involving

Q199: Financial assets--effects of transactions
Five events involving

Q200: At December 31, 2009, Laconia Industries' portfolio

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents