Solved

Match Each of the Following Terms Associated with the Best

Question 103

Matching

Match each of the following terms associated with the best description of that term.

Premises:
Direct Write-off Method
Allowance for Doubtful Accounts
Net Realizable Value
Bad Debt Expense
Aging Report
Accounts Receivable
Accounts Receivable Turnover
Factoring
Receivables
Responses:
Measures how frequently during the year accounts receivables are being turned into cash.
The difference between Accounts Receivable and Allowance for Doubtful Accounts.
Operating expense recorded as a result of receivables becoming uncollectible.
Another term for selling receivables.
A contra asset that represents the amount of estimated uncollectible receivables at a specific date.
A receivable created from selling merchandise or services on account.
Records bad debt expense only when a specific customer’s account is deemed worthless.
A list of customer accounts sorted by age classes.
All money claims against other entities.

Correct Answer:

Direct Write-off Method
Allowance for Doubtful Accounts
Net Realizable Value
Bad Debt Expense
Aging Report
Accounts Receivable
Accounts Receivable Turnover
Factoring
Receivables
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