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tr ch9-2

chapter 9 part 2

QuestionAnswer
income-statement approach a method of estimating uncollectible receivables that calculates uncollectible-account expense. also called percent-of-sales method
interest revenue to the payee for loaning money; the expense to the debtor
interest period period of time during which interest is computed. extends from the original date of the note to the maturity date. also called "note term" or "time"
interest rate the percentage rate of interest specified by the note. interest rates are always stated for a period of one year
maker of a note entity that signs the note and promises to pay the required amount; maker of the note is the debtor
maturity date date when final payment of the note is due. also called due date
maturity value sum of the principal plus interest due at maturity
note term period of time during which interest is computed. extends from the original date of the note to the maturity date. also called "interest period" or "time"
payee of a note entity to whom the maker promises future payment; payee of the note is the creditor
percent-of-sales method a method of estimating uncollectible receivables that calculates uncollectible-account expense. also called income-statement approach
principal amount loaned out by the payee and borrowed by the maker of the note. also called principal amount
principal amount amount loaned out by the payee and borrowed by the maker of the note. also called principal
promissory note a written promise to pay a specified amount of money at a particular future date
quick ratio ratio of the sum of cash plus short-term investments plus net current receivables, to total current liabilities. tells whether the entity could pay all its current liabilities if the came due immediately. also called acid-test ratio
receivables monetary claims against a business or an individual
time period of time during which interest is computed. extends from the original date of the note to the maturity date. also called "interest period" or "note term"
uncollectible-account expense cost to the seller of extending credit. arises from the failure to collect from credit customers. also called "doubtful-account expense" or "bad-debt expense"
Created by: tomrobbins
 

 



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