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Accounting for Receivables and Bad Debts, Quizzes of Financial Accounting

Fordham University Financial Accounting

Definitions and terms related to accounting for receivables, bad debts, and related concepts such as net receivable value, contra accounts, and interest receivable. Topics include the difference between the income statement and balance sheet, the definition of net receivable value and the allowance for doubtful accounts, the concept of contra accounts and the offsetting of bad debt accounts, the aging method and percentage of receivables method for estimating bad debt expense, and the sale of accounts receivable and notes receivable, as well as the difference between recourse and without recourse financing.

Typology: Quizzes

2013/2014

Uploaded on 10/14/2014

jmarra18 🇺🇸

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TERM 1

Does Bad Debit expense go on the B/S or IS?

DEFINITION 1

Income statement

TERM 2

What is net receivable value?

DEFINITION 2

Accounts receivable - Allowance

TERM 3

The offset for bad debt accounts is a _____

account on the B/S or I/S?

DEFINITION 3

ContraB/S

TERM 4

What is another term for the aging method

DEFINITION 4

Percentage of receiveables method

TERM 5

What is the formula for Bad Debt expense

using the Credit Sales Method?

DEFINITION 5

Percentage of Credit Sales deemed Uncollectible * Credit

Sales

Accounting for Receivables and Bad Debts, Quizzes of Financial Accounting

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Does Bad Debit expense go on the B/S or IS?

Income statement

TERM 2

What is net receivable value?

DEFINITION 2

Accounts receivable - Allowance

TERM 3

The offset for bad debt accounts is a _____

account on the B/S or I/S?

DEFINITION 3

ContraB/S

TERM 4

What is another term for the aging method

DEFINITION 4

Percentage of receiveables method

TERM 5

What is the formula for Bad Debt expense

using the Credit Sales Method?

DEFINITION 5

Percentage of Credit Sales deemed Uncollectible * Credit

Sales

A contra account reduces what?

An Asset - AKA adding will make balance smaller as its an

asset. Usually balanced by the decrease in receiveables

TERM 7

What is the formula for simple interest?

DEFINITION 7

Interest = principal * rate * time

TERM 8

When a firm has to wait 90 days or more for

payment book a?

DEFINITION 8

Note receivable

TERM 9

What is the interest account called that

accompanies a note receivable and what part

of balance sheet is it under?

DEFINITION 9

Interest receivable - asset account

TERM 10

What is selling accounts receivable called?

DEFINITION 10

Factoring