chapter 9 part 2
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| income-statement approach | a method of estimating uncollectible receivables that calculates uncollectible-account expense. also called percent-of-sales method
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| interest | revenue to the payee for loaning money; the expense to the debtor
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| interest period | period of time during which interest is computed. extends from the original date of the note to the maturity date. also called "note term" or "time"
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| interest rate | the percentage rate of interest specified by the note. interest rates are always stated for a period of one year
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| maker of a note | entity that signs the note and promises to pay the required amount; maker of the note is the debtor
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| maturity date | date when final payment of the note is due. also called due date
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| maturity value | sum of the principal plus interest due at maturity
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| note term | period of time during which interest is computed. extends from the original date of the note to the maturity date. also called "interest period" or "time"
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| payee of a note | entity to whom the maker promises future payment; payee of the note is the creditor
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| percent-of-sales method | a method of estimating uncollectible receivables that calculates uncollectible-account expense. also called income-statement approach
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| principal | amount loaned out by the payee and borrowed by the maker of the note. also called principal amount
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| principal amount | amount loaned out by the payee and borrowed by the maker of the note. also called principal
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| promissory note | a written promise to pay a specified amount of money at a particular future date
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| quick ratio | ratio of the sum of cash plus short-term investments plus net current receivables, to total current liabilities. tells whether the entity could pay all its current liabilities if the came due immediately. also called acid-test ratio
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| receivables | monetary claims against a business or an individual
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| time | period of time during which interest is computed. extends from the original date of the note to the maturity date. also called "interest period" or "note term"
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| uncollectible-account expense | cost to the seller of extending credit. arises from the failure to collect from credit customers. also called "doubtful-account expense" or "bad-debt expense"
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