Home / Questions / Match each of the following terms associated with the best description of that term. 1.
Match each of the following terms associated with the best description of that term.
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1. A receivable created from selling merchandise or services on account. |
Accounts Receivable |
____ |
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2. Operating expense recorded as a result of receivables becoming uncollectible. |
Aging Report |
____ |
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3. All money claims against other entities. |
Allowance for Doubtful Accounts |
____ |
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4. The difference between Accounts Receivable and Allowance for Doubtful Accounts. |
Direct Write-off Method |
____ |
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5. Measures how frequently during the year accounts receivables are being turned into cash. |
Bad Debt Expense |
____ |
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6. Another term for selling receivables. |
Net Realizable Value |
____ |
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7. A list of customer accounts sorted by age classes. |
Factoring |
____ |
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8. A contra asset that represents the amount of estimated uncollectible receivables at a specific date. |
Receivables |
____ |
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9. Records bad debt expense only when a specific customer’s account is deemed worthless. |
Accounts Receivable Turnover |
____ |
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