Review Sheet Exam #3.f11docx - ACG 301 - Exam #3 Review...

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ACG 301 --- Exam #3 Review Chapter 7 Cash – what is cash? What is considered cash on the balance sheet? Receivables – what are receivables? Trade vs. nontrade receivables? AR – valuation? Trade discount? Sales Discount? Know how to compute a sales discount. Uncollectible AR – Direct write-off method vs. Allowance method? What is the difference? Which is preferred by FASB? Why? % of sales vs. % of receivables method? How do they differ? What is aging of AR? What is net realizable value? Allowance method for uncollectible accounts? Journal entry? What if collect a previously uncollectible account? Notes receivable Notes issued at Face Value Notes not issued at face value Notes received for property of service Disposition of Receivables – secured borrowing vs. selling receivables? What the difference? Selling with recourse … Selling without recourse AR Turnover – what does it tell us? How to compute? Chapter 8
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Review Sheet Exam #3.f11docx - ACG 301 - Exam #3 Review...

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