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account. vocab # 9
VOCAB
| Question | Answer |
|---|---|
| collection period | collection period same as days sales in receivables |
| acid test ratio | acid test ratio the sum of cash plus short term investments |
| aging of account methods | aging of account methods a way to estimate bad debts by analyzing indivdual accounts receivable according to the length of time |
| allowance for doubtful accounts | allowance for doubtful accounts a way to estimate bad debits by analyzing individual accounts |
| allowance for uncollectables accounts | allowance for uncollectable accounts same a scaxxounts receivable |
| allowance method | allowance method according collection losses on the basis of estimates |
| bad debt expense | bad debit expense |
| balance sheet approach | balance sheet approach statement of finacial position |
| creditor | creditor person who credits accounts for their worth |
| days sales in receivables | days sales in receivables avg. of every net accounts receivable to ones days sales. |
| debtor | debtor the party to a credit transaction who makes a purchase and has a payable |
| default on a note | default on a note |
| direct write off method | direct write off method accountinf for uncollectable receivables company decides that the account held by the customer is due so |
| discounting a note receivable | discounting a note receviableselling it before ITS DUE DATE |
| dishonor of a note | dishonor of a note notes maker fails to make payments |
| doubtful account expense | doubtful account expense no payment to the account |
| due date | due date when the note is receivable |
Created by:
Dan Muszynski
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