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ACC-Chapter 9

QuestionAnswer
Accounts Receivable Amounts owed by customers on account
Accounts Receivable Turnover Ratio A measure of the liquidity of accounts receivable; computed by dividing net credit sales by average net accounts receivable
Aging the Accounts Receivable The analysis of customer balances by the length of time they have been unpaid
Allowance Method A method of accounting for bad debts that involves estimating uncollectible accounts at the end of each period
Average Collection Period The average amount of time that a receivable is outstanding; calculated by dividing 365 days by the accounts receivables turnover ratio
Bad Debts Expense An expense account to record uncollectible receivables
Cash (net) Realizable Value The net amount a company expects to receive in cash
Direct Write-Off Method A method of accounting for bad debts that involves expensing accounts at the time they are determined to be uncollectible
Dishonored Note A note that is not paid in full at maturity
Factor A finance company or bank that buys receivables from businesses and then collects the payments directly from the customers
Maker The part in a promissory note who is making the promise to pay
Notes Receivable Claims for which formal instruments of credit are issued as proof of the debt
Other Receivables Various forms of nontrade receivables, such as interest receivable and income taxes refundable
Payee The party to whom payment of a promissory note is to be made
Percentage of Receivable Basis Management estimates what percentage of receivables will result in losses from uncollectible accounts
Percentage of Sales Basis Management estimates what percentage of credit sales will be uncollectible
Promissory Note A written promise to pay a specified amount of money on demand or at a definite time
Receivables Amounts due from individuals and other companies
Trade Receivables Notes and accounts receivable that result from sales transactions
Created by: JJACCOUNTING
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