Matching
Match the term and the explanation.Not all explanations will be used.
Premises:
Days-to-collect
Summary of Significant Accounting Policies
Bad debt expense
Gross accounts receivable
Maturity date
Receivables turnover
Allowance for doubtful accounts
Note
Net accounts receivable
Responses:
Total money owed the company for sales made on credit.
Contra-asset account.
The last date a good can be sold for the full price.
The days of the year divided by the receivables turnover ratio.
Net credit sales revenue divided by the net income.
An agreement by a borrower to repay the lending company with interest during a specified time period.
Net credit sales revenue divided by the average net accounts receivable.
The portion of accounts receivable that the company expects to collect.
The time at which a loan must be repaid.
The days of the year divided by the net sales revenue.
A financial statement that shows the calculation of bad debt expense for a company.
Part of the Notes to Financial Statements that should include information on how a company accounts for doubtful accounts receivable.
Accounts receivable after cost of goods sold and taxes.
An account that is debited for the amount of credit sales estimated as uncollectible.
Time at which a borrower must make annual interest payments.
Correct Answer:
Premises:
Responses:
Total money owed the company for sales made on credit.
Contra-asset account.
The last date a good can be sold for the full price.
The days of the year divided by the receivables turnover ratio.
Net credit sales revenue divided by the net income.
An agreement by a borrower to repay the lending company with interest during a specified time period.
Net credit sales revenue divided by the average net accounts receivable.
The portion of accounts receivable that the company expects to collect.
The time at which a loan must be repaid.
The days of the year divided by the net sales revenue.
A financial statement that shows the calculation of bad debt expense for a company.
Part of the Notes to Financial Statements that should include information on how a company accounts for doubtful accounts receivable.
Accounts receivable after cost of goods sold and taxes.
An account that is debited for the amount of credit sales estimated as uncollectible.
Time at which a borrower must make annual interest payments.
Premises:
Total money owed the company for sales made on credit.
Contra-asset account.
The last date a good can be sold for the full price.
The days of the year divided by the receivables turnover ratio.
Net credit sales revenue divided by the net income.
An agreement by a borrower to repay the lending company with interest during a specified time period.
Net credit sales revenue divided by the average net accounts receivable.
The portion of accounts receivable that the company expects to collect.
The time at which a loan must be repaid.
The days of the year divided by the net sales revenue.
A financial statement that shows the calculation of bad debt expense for a company.
Part of the Notes to Financial Statements that should include information on how a company accounts for doubtful accounts receivable.
Accounts receivable after cost of goods sold and taxes.
An account that is debited for the amount of credit sales estimated as uncollectible.
Time at which a borrower must make annual interest payments.
Responses:
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