Solved

Match Each of the Following Descriptions with Their Own Terms

Question 151

Matching

Match each of the following descriptions with their own terms.

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

Correct Answer:

The difference between Accounts Receivable and Allowance for Doubtful Accounts.
A list of customer accounts sorted by age classes.
Operating expense recorded as a result of receivables becoming uncollectible.
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.
All money claims against other entities.
Another term for selling receivables.
Records bad debt expense only when a specific customer’s account is deemed worthless.
Measures how frequently during the year accounts receivables are being turned into cash.
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