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Accounting II Ch. 20
| Question | Answer |
|---|---|
| Revenue is recorded at the time goods or services are sold. | Realization of Revenue |
| Accounts receivable that cannot be collected. | Uncollectible accounts |
| Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. | Matching Expenses with Revenue |
| Reports a balance sheet amount for Accounts Receivable that reflects the amount the business expects to collect and recognizes the expense of uncollectible accounts in the same period in which the related revenue is recorded. | Estimating Uncollectible Accounts Expense |
| Crediting the estimated value of uncollectible accounts to a contra account. | Allowance method of recording losses from uncollectible accounts |
| The difference between an asset's account balance and its related contra account balance. | Book value |
| The difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts. | Book value of account receivable |
| Account titles sometimes used instead of Allowance for Uncollectible Accounts. | FYI - Bad Debts and Allowance for Doubtful Accounts |
| Estimating uncollectible accounts expense assumes that every portion of e very sale on account dollar will become uncollectible. | Percentage of total sales on account method |
| Canceling the balance of a customer account because the customer does not pay. | Writing off an account |
Created by:
jralston
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