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| _____ include such things as certain money market funds, treasury funds, and commercial paper. |
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| A critical aspect of an internal control system is the _____ of duties. Employees invovled in _____ should not also have physical access to assets. |
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Definition
| separation, recordkeeping |
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| Cash that is restricted in some way and not available for current use usually is reported as _____ or _____. |
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Definition
| investments and funds, other assets |
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Term
| Accounts receivable initially are valued at the _____ price agreed upon by the buyer and seller. |
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| _____ reduce the amount to be paid if remittance is made within a specified period of time. |
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| The _____ method views cash discounts not taken as part of sales revenue. The _____ method considers cash discounts not taken as interest revenue. |
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| Recognizing sales returns when they occur, could result in an _____ of income in the period of the related sale. |
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Term
| The _____ method attempts to estimate future bad debts and match them with the related sales revenue. |
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| Using the _____ approach, we estimate bad debt expense as a percentage if each period's net credit sales. |
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| Using the _____ approach to estimate to estimate bad debts, we determine bad expense by estimating the net realizable value of accounts receivable. |
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Definition
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| The write-off of an account receivable reduces both _____ and the _____, this having no effect on income and financial position. |
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Definition
| receivables, allowance for uncollectible accounts |
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Term
| _____ are formal credit arrangement between a creditor (lender) and a debtor (borrower). |
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| An _____ invovles the pledging of specific accounts receivable as collateral for a debt. |
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Term
| When notes receivable are transferred, the transaction is referred to as _____ notes receivable. |
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| The buyer assumes the risk of uncollectability when accounts receivable are factored _____. |
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| The transfer of receivables with recourse is accounted for as a _____ if the transferor surrenders controlover the receivables tranferred. Otherwise, the transfer is accounted for as a _____. |
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Definition
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| The first step in recording a discounting of a note is to _____ on the note receivable prior to its being discounted. |
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Definition
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Term
| The _____ ratio shows the number of times during a period that the average accounts receivable balance is collected. |
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Term
| Bank reconciliations include adjustments to the balance per _____ for timing differences involving transactions already reflected in the company's accounting records that have not yet been processed by the bank. |
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| A _____ provides a more efficient way to pay for the low cost items such as postage, office supplies, and delivery charges. |
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Term
| In the troubled debt restructuring, if the receivable is _____ at the time of the restructuring the creditor simply records a loss for the difference between carrying amount of the receivable and the fair value of the asset(s) of equity securities received. |
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