Matching
Match the items below
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.
The net amount a company expects to receive in cash.
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
Cash (net) realizable value
Percentage of receivables basis
Factoring
Dishonored note
Average collection period
Credit card sales
Correct Answer:
Premises:
Responses:
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.
The net amount a company expects to receive in cash.
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.
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.
The net amount a company expects to receive in cash.
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:
Related Questions
Q221: A note which is not paid on
Q222: A 75-day note receivable dated June 10
Q223: The net amount expected to be collected
Q224: Banks that issue credit cards generally charge
Q225: Sales resulting from the use of Visa
Q226: The two methods of accounting for uncollectible
Q227: Allowance for Doubtful Accounts is a _
Q228: Your roommate is uncertain about the advantages
Q232: Collection of a note receivable will result
Q236: A finance company or bank that purchases
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents