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Cards In This Set
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Claims for which formal instruments of credit are issued as proof of the debt are...
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Notes receivable.
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Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited...
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When an account is determined to be uncollectible.
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Allowance for Doubtful Accounts on the balance sheet...
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Is offset against accounts receivable.
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Writing off an uncollectible account under the allowance method requires a debit to...
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Allowance for doubtful accounts.
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If an account is collected after having been previously written off,
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There will be both a debit and a credit to accounts receivable.
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The maturity value of a 60,000, 8%, 3-month note receivable is...
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60,000 x .08 x 90 / 360 = ?
?+60,000 = 61,200 |
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Net Sales / Avg. A.R. (turnover ratio)
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1,200,00 / 150,000 = 8.0
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Interest may be included in the acquisition cost of a plant asset...
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During the construction period of a self-constructed asset.
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Which depreciation method is most frequently used in businesses today?
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Straight-line
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Ordinary repairs are expenditures to maintainthe operating efficiency of a plant asset and are referred to as...
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Revenue expenditures.
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If a fully depreciated plant asset is still used by a company, the...
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Asset and the accumulated depreciation continue to be reported on the balance sheet without adjustment until the asset is retired.
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Accumulated Depletion...
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Is a contra-asset account.
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Goodwill can be recorded...
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Only when there is an exchange transaction involving the purchase of an entire business.
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Natural resources are generally shown on the balance sheet under...
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Property, Plant, and Equipment.
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A current liablitly is a debt that can reasonably be expected to be paid...
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Within one year or the operating cycle, whichever is longer.
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