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Science
Economics
Acc Test 3 Chapter 9 Final Chapter 8
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Acc Test 3 Chapter 9 Final Chapter 8
Helen Coleman
8 October 2022
4.7
(114 reviews)
15 test answers
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question
The receivable that is usually evidenced by a formal instrument of credit is a(n)
answer
note receivable.
question
Which of the following receivables would not be classified as an "other receivable"?
answer
Notes receivable
question
Notes or accounts receivables that result from sales transactions are often called
answer
trade receivables.
question
The term "receivables" refers to
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amounts due from individuals or companies.
question
Receivables are
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claims that are expected to be collected in cash.
question
Non-trade receivables should be reported separately from trade receivables. Why is this statement either true or false?
answer
It is true because non-trade receivables do not result from business operations and should not be included with accounts receivable.
question
Which of the following would probably be the most significant type of a claim held by a company?
answer
accounts receivable
question
Accounts receivable are valued and reported on the balance sheet
answer
at cash realizable value.
question
Three accounting issues associated with accounts receivable are
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recognizing, valuing, and accelerating collections.
question
The Allowance for Doubtful Accounts is necessary because
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when recording uncollectible accounts expense, it is not possible to know which specific accounts will not pay.
question
The account Allowance for Doubtful Accounts is classified as a(n)
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contra account to Accounts Receivable.
question
Under the allowance method, Bad Debt Expense is recorded
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for an amount that the company estimates it will not collect.
question
Under the allowance method, writing off an uncollectible account
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affects only balance sheet accounts.
question
The net amount expected to be received in cash from receivables is termed the
answer
cash realizable value.
question
If a company fails to record estimated bad debts expense,
answer
expenses are understated.
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