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Match the Statements Below with the Appropriate Terms

Question 270

Matching

Match the statements below with the appropriate terms

Premises:
A written promise to pay a specified amount on demand or at a definite time.
Sales that involve the customer, the retailer, and the credit card issuer.
Emphasizes the matching of costs and revenues in the same period.
Amounts owed by customers from the sale of goods and services.
A note which is not paid in full at maturity.
Analysis of customer account balances by length of time they have been unpaid.
Emphasizes expected cash realizable value of accounts receivable.
Generally not acceptable for financial reporting purposes.
The amount of time that a receivable is outstanding.
Sale of accounts receivable to a factor.
Responses:
Aging of receivables
Direct write-off method
Promissory note
Trade receivables
Percentage of sales basis.
Percentage of receivables basis
Factoring
Dishonored note
Average collection period
Credit card sales

Correct Answer:

A written promise to pay a specified amount on demand or at a definite time.
Sales that involve the customer, the retailer, and the credit card issuer.
Emphasizes the matching of costs and revenues in the same period.
Amounts owed by customers from the sale of goods and services.
A note which is not paid in full at maturity.
Analysis of customer account balances by length of time they have been unpaid.
Emphasizes expected cash realizable value of accounts receivable.
Generally not acceptable for financial reporting purposes.
The amount of time that a receivable is outstanding.
Sale of accounts receivable to a factor.
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