Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Acid-Test Ratio | Ratio of the sum of cash plus short-term investments plus net current receivables, to current liabilities.
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| Aging-Of-Accounts Method | A way to estimate bad debts by analyzing individual accounts receivable according to the length of time they have been receivable from the customer.
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| Allowance for Doubtful Accounts | A contra account, related to accounts receivable, that holds the estimated amount of collection losses.
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| Allowance for Uncollectible Accounts | Also called Allowance for Doubtful Accounts.
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| Allowance Method | A method of recording collection losses on the basis of estimates, instead of waiting to see which customers the company will not collect from.
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| Bad-Debt Expense | A company unable to collect from some customers, and that creates an expense.
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| Balance-Sheet Approach | An entity's assets, liabilities, and owner's equity as of a specific date.
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| Collection Period | Also called Days' Sales in Receivables.
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| Creditor | The party to a credit transaction who sells goods or a service and obtains a receivable.
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| Days' Sales In Receivable | Ratio of average net accounts receivable to one day's sales.
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| Debtor | The party to a credit transaction who makes a purchase and has a payable.
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| Default On A Note | Also called default on a note.
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| Direct Write-Off Method | A method of accounting for uncollectible receivables, in which the company waits until the credit department decides that a customer's account receivable is uncollectible.
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| Discounting A Note Receivable | Selling a note receivable before its maturity date.
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| Dishonor Of A Note | Failure of a note's maker to pay a note receivable at maturity.
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| Doubtful-Account Expense | Also called Bad-Debt Expense.
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| Due Date | The date when final payment of the note is due.
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Created by:
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