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ACCT 3220 Exam 2

Ch5-8

QuestionAnswer
Time value of money a dollar now is worth more than a dollar later
annuity a series of equal periodic payments
future value of an annuity due accumulation of a series of equal payments with the last payment accruing interest
future value of an ordinary annuity accumulation of a series of equal payments with the last payment accruing no interest
future value accumulation of an amount with interest
present value of a single amount amount today equivalent to a specified future amount
nonmonetary asset its amount is not fixed or determinable
simple interest based on initial investment only
monetary asset claim to a fixed amount of cash
present value of an annuity due current worth of a series of equal payments received at the beginning of a period
present value of an ordinary annuity current worth of a series of equal payments received at the end of a period
present value current worth of future cash flows
monetary liability fixed obligation to pay an amount in cash
compound interest interest accumulates on interest
effective yield the rate at which money will actually grow
interest bearing note requires payment of principal plus interest
factoring with recourse the risk of uncollectibility is retained by the seller
direct write off method recognizes bad debts when account become uncollectible
internal control includes separation of duties
income statement approach bad debt expense is a percentage of credit sales
Created by: user-2032302
 

 



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