Acct Chapter 8 - Learning Objectives ● After studying...

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Learning Objectives After studying this chapter, you should be able to: OBJ 1 Describe the common classes of receivables. Classification of Receivables Accounts Receivable Notes Receivable Other Receivables OBJ 2 Describe the accounting for uncollectible receivables. Uncollectible Receivables OBJ 3 Describe the direct write-off method of accounting for uncollectible receivables. Direct Write-Off Method for Uncollectible Accounts Example Exercise 8-1 OBJ 4 Describe the allowance method of accounting for uncollectible receivables. Allowance Method for Uncollectible Accounts Write-Offs to the Allowance Account Example Exercise 8-2 Estimating Uncollectibles Example Exercise 8-3 Example Exercise 8-4 OBJ 5 Compare the direct write-off and allowance methods of accounting for uncollectible accounts. Comparing Direct Write-Off and Allowance Methods OBJ 6 Describe the accounting for notes receivable. Notes Receivable Characteristics of Notes Receivable Accounting for Notes Receivable Example Exercise 8-5 OBJ 7 Describe the reporting of receivables on the balance sheet. Reporting Receivables on the Balance Sheet OBJ 8 Describe and illustrate the use of accounts receivable turnover and number of days' sales in receivables to evaluate a company's efficiency in collecting its receivables. 8-1 Classification of Receivables Receivables: All money claims against other entities, including people, business
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firms, and other organizations and are a significant amount of assets 8-1a Accounts Receivable: A claim against the customer created by selling merchandise or services on credit 8-1b
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  • Fall '14
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  • Uncollectible Accounts, common classes of receivables

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