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WorksheetsAccounting-Chapter 14 Vocab.
Total questions: 22
Worksheet time: 1hrs 6mins
what are uncollectible accounts?
Accounts receivable that cannot be collected.
Accounts payable that cannot be collected.
Accounts payable that can be collected.
Accounts receivable that can be collected.
what is the allowance method?
Debting the estimated value of uncollectible accounts to a contra account.
Debiting the estimated value of collectible accounts to a contra account.
Crediting the estimated value of uncollectible accounts to a contra account.
Crediting the estimated value of collectible accounts to a contra acount.
The difference between an asset’s account balance and its related contra account balance.
Store Value
Book Value
Value
Just don't know
book value of accounts receivable
The difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts.
The difference between the balance of Accounts Payable and its contra account, Allowance for Uncollectible Accounts.
The difference between the balance of Accounts Payable and its contra account, Allowance for Collectible Accounts.
The similarities between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts.
The amount of accounts receivable a business expects to collect.
net realizable value
net unrealizable value
percent of sales method
A method used to estimate collectible accounts receivable which assumes that a percentage of each sales dollar will eventually become uncollectible.
A method used to estimate collectible accounts receivable which assumes that a percentage of each sales dollar will eventually become collectible.
A method used to estimate uncollectible accounts payable which assumes that a percentage of each sales dollar will eventually become uncollectible.
A method used to estimate uncollectible accounts receivable which assumes that a percentage of each sales dollar will eventually become uncollectible.
What is the percent of accounts receivable method?
A method that uses an analysis of accounts payable to estimate the amount that will be uncollectible.
A method that uses an analysis of accounts payable to estimate the amount that will be collectible.
A method that uses an analysis of accounts receivable to estimate the amount that will be uncollectible.
Analyzing accounts receivable according to when they are due.
aging of accounts receivable
increasing of accounts receivable
aging of accounts payable
increasing of accounts payable
What are you doing when writing off an account?
Canceling the balance of a customer account because the customer does not pay.
Increasing the balance of a customer account because the customer does pay.
Recording uncollectible accounts expense only when an amount is actually known to be uncollectible.
direct write-off method
undirect write-off method
What is a promissory note?
A written and signed promise to pay a sum of money at any given time.
A written and signed promise to surround yourself with assets not liabilities.
A written and signed promise to pay a sum of money at a specified time.
note payable
A promissory note signed by a business and given to a creditor.
A promissory note signed by an employee and given to a creditor.
A promissory note signed by a business and given to an employee.
A letter from an employee to their boss.
A promissory note that a business accepts can be from____?
Both
Person
Business
maker of a note
The person of business stamps a note and thus promises to make payments.
The person or business that signs a note and thus promises to make payment.
Yeah I don't know the answer :(
The person or business to whom the amount of a note is payable.
payee
employee
The original amount of a note, sometimes referred to as the face amount.
Principal of you
Principal of a school
principal
Which is the INCORRECT definition of interest rate?
The percentage of the principal that is due for the use of the funds secured by a note.
The percentage of the principal that is due for the use of money secured by an accountant.
What is the maturity date?
The date on which the principal of a note is due to be repaid.
The date on which the principal of a note is due to be paid.
time of a note
The length of time from the signing date to the maturity date, usually expressed as the number of days.
The length of time from the signing date to the maturity date, usually expressed as the number of months.
The length of time from the signing date to the maturity date, usually expressed as the number of years.
The length of time from the signing date to the maturity date, usually expressed as the number of decades.
maturity value
The amount that is due on the date of a note an employee wrote.
The amount that is due on any given day.
The amount that is due on the maturity date of a note.
The interest earned on money loaned.
interest rate
interest income
A note that is not paid when due.
dishonored note
honored note
