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Ch 9:2

Vocabulary

QuestionAnswer
Income-Statement Approach Summary of an entity's revenues, expenses, and net income or net loss for a specific period. Also called the statement of earnings or the statement of operations.
Interest The revenue to the payee for loaning money; the expense to the debtor.
Interest Period The period of time during which interest is computed. It extends from the original date of the note to the maturity date. Also called note term, or simply time.
Interest Rate The percentage rate of interest specified by the note. Interest rates are almost always stated for a period of one year. A 9% note means that the amount of interest for one year is 9% of the note's principal amount.
Maker Of A Note The person or business that signs the note and promises to pay the amount required by the note agreement; the debtor.
Maturity Date Also called the Due Date.
Maturity Value The sum of the principal plus interest due at maturity.
Note Term Also called Interest Period.
Payee Of A Note The person or business to whom the maker of a note promises future payment; the creditor.
Percent-Of-Sales Method A method of estimate uncollectible receivables that calculates uncollectible-account expense. Also called the income-statement approach.
Principal The amount loaned out by the payee and borrowed by the maker of the note.
Principal Amount Also called Principal.
Promissory Note A written promise to pay a specified amount of money at a particular future date.
Quick Ratio A more stringent measure of ability to pay current liabilities.
Receivables Monetary claims against a business or an individual.
Time Ratio of operations to interest expense. Measures the number of times that operating income can cover interest expense.
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: mattschultice