chpt8 - SO1 Chapter 8 Reporting and Analyzing Receivables...

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SO1 Chapter 8 Reporting and Analyzing Receivables Identify the different types of receivables . ____ receivables include non trade receivables such as loans to company officers. Answer: Other
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SO1 Chapter 8 Reporting and Analyzing Receivables Identify the different types of receivables . Interest is usually associated with ___ receivable. Answer: notes
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SO1 Chapter 8 Reporting and Analyzing Receivables Identify the different types of receivables . Notes or accounts receivables that result from sales transactions are often called ___ receivables. Answer: trade
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SO1 Chapter 8 Reporting and Analyzing Receivables Identify the different types of receivables . The term ____ refers to amounts due from individuals or companies. Answer: receivables
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SO2 Chapter 8 Reporting and Analyzing Receivables Explain how accounts receivable are recognized in the accounts . What are the three accounting issues associated with accounts receivable? Answer: Recognizing, valuing, and accelerating collections.
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SO3 Chapter 8 Reporting and Analyzing Receivables Describe the methods used to account for bad debts. An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the ___ the probability that it will eventually be collected. Answer: lesser
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SO3 Chapter 8 Reporting and Analyzing Receivables Describe the methods used to account for bad debts. The _____ method of accounting for bad debts violates the matching principle. Answer: direct write-off
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SO3 Chapter 8 Reporting and Analyzing Receivables Describe the methods used to account for bad debts. Under the ____ method, no attempt is made to match bad debt expense to sales revenues in the same accounting period. Answer: direct write-off
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SO3 Chapter 8 Reporting and Analyzing Receivables Describe the methods used to account for bad debts . The account Allowance for Doubtful Accounts is classified as a(n) ______ account to Accounts Receivable. Answer: contra
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SO3 Chapter 8 Reporting and Analyzing Receivables Describe the methods used to account for bad debts. The ___ principle necessitates the recording of an estimated amount for bad debts. Answer: matching
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SO3 Chapter 8 Reporting and Analyzing Receivables Describe the methods used to account for bad debts. Under the allowance method, writing off an uncollectible account affects which financial statement? Answer: Only the balance sheet accounts
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SO3 Chapter 8 Reporting and Analyzing Receivables Describe the methods used to account for bad debts. The net amount expected to be received in cash from receivables is termed the ___ ___ value. Answer: cash realizable
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Chapter 8 Reporting and Analyzing Receivables Describe the methods used to account for bad debts. If the amount of uncollectible
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This note was uploaded on 08/12/2011 for the course ACCT 505 taught by Professor Doe during the Spring '11 term at Keller Graduate School of Management.

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chpt8 - SO1 Chapter 8 Reporting and Analyzing Receivables...

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