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HHS Accounting Ch14

Terms for Chapter 14 - Century 21 Accounting, 10E

TermDefinition
allowance method Crediting the estimated value of uncollectible accounts to a contra account.
book value of accounts receivable The difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts.
book value The difference between an asset's account balance and it related contra account.
net realizable value The amount of accounts receivable a business expects to collect.
percent of sales method A method used to estimate uncollectible accounts receivable that assumes a percent of credit sales will become uncollectible.
percent of accounts receivable method A method that uses an analysis of accounts receivable to estimate the amount that will be uncollectible.
aging of accounts receivable Analyzing accounts receivable according to when they are due.
writing off an account Canceling the balance of a customer account because the customer does not pay.
promissory note A written and signed promise to pay a sum of money at a specified time.
note payable A promissory note signed by a business and given to a creditor.
note receivable A promissory note that a business accepts from a customer.
maker of note The person or business that signs a note and thus promises to make payment.
payee The person or business to whom the amount of a note is payable.
principal The original amount of a note, sometimes referred to as the face amount.
interest rate The percentage of the principal that is due for the use of the funds secured by a note.
maturity date The date on which the principal of a note is due to be repaid
time of a note The length of time from the signing date of a note to the maturity date.
maturity value The amount that is due on the maturity date of a note.
interest income The interest earned on money loaned.
dishonored note A note that is not paid when due.
direct write-off method Recording uncollectible accounts expense only when an amount is actually known to be uncollectible.
uncollectible accounts Accounts receivable that cannot be collected.
Created by: deblock