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account. vocab # 9

VOCAB

QuestionAnswer
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