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Accounting ll

Ch. 20 vocab.

QuestionAnswer
Revenue was earned when the sale was made. Realization of Revenue
Accounts receivable that cannot be collected. Uncollectible accounts
Accurate financial reporting requires that expenses be recorded in the fiscal period in which the expenses contribute to earning revenue. Matching Expenses with Revenue
Reports a balance sheet amount for Accounts Receivable that reflects the amount the business expects to collect in the future. 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
Canceling the balance of a customer account because the customer does not pay. Writing off an account
Estimating uncollectible accounts expense assumes that a portion of every sale on account will become uncollectible. Percentage of total sales on account method
Account titles sometimes used instead of Allowance for Uncollectible Accounts. FYI - Bad Debts and Allowance for Doubtful Accounts
Created by: mmincy