Accounting chap 7 vocab

Accounting chap 7 vocab - Vocab Chapter 7 Account...

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Vocab Chapter 7 Account receivable – a receivable arising from the sale of goods or services with a verbal promise to pay. Aging schedule – a form used to categorize the various individual accounts receivable according to the length of time each has been outstanding. Allowance for doubtful accounts – a contra-asset account used to reduce accounts receivable to its net realizable value; allowance for uncollectible accounts. Allowance method – a method of estimating bad debts on the basis of either the net credit sales of the period or the accounts receivable at the end of the period. Available-for-sale securities – stocks and bonds that are not classified as either held-to- maturity or trading securities. Control account – the general ledger account that is supported by a subsidiary ledger. Credit card draft – a multiple-copy document used by a company that accepts a credit card for a sale; invoice. Debt securities –
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This test prep was uploaded on 04/09/2008 for the course ACC ? taught by Professor Tanzola during the Fall '08 term at Saint Joseph's University.

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Accounting chap 7 vocab - Vocab Chapter 7 Account...

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