This is the contra account to the asset Accounts Receivable.
What is Allowance for Uncollectible Accounts?
100
Assets expected to be exchanged for cash or consumed within a year are known as this type of asset
What is a current asset?
100
Per unit cost tends to be higher when the quantity of merchandise ordered is this
What is smaller?
100
The amount by which a plant asset depreciates is classified as this.
What is an expense?
100
The dollar amount gained or lost on a plant asset with a book value of $2,000 that is sold for $1,800.
What is a loss of $200?
200
Canceling the balance of a customer account because the customer does not pay is called this
What is writing off an account?
200
Plant assets decrease in value because of this
What is use, wear and tear, become obsolete, passage of time?
200
A merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand
What is Periodic or Physical Inventory?
200
This is the smallest unit of time used to calculate depreciation.
What is one month?
200
The book value of a plant asset with an original cost of $800, annual depreciation expense of $40, and accumulated depreciation of $200.
What is $600?
300
This account is debited when journalizing the adjustment for uncollectible accounts
What is uncollectible accounts expense?
300
The original cost of a plant asset minus accumulated depreciation is known as this
What is book value?
300
Businesses frequently establish their fiscal period to end when inventory is at a minimum for this reason
What is it takes less time to count?
300
Using the same inventory method for all fiscal periods is an application of this accounting concept.
What is consistent reporting?
300
The annual depreciation expense using the straight line method of a plant asset with an original cost of $1600, a salvage value of $100, and an estimated useful life of 15 years?
What is $100
400
The journal entry to write off an account receivable account includes a credit to this account
What is accounts receivable?
400
This account is credited for additional revenue when we sell a plant asset for more than book value.
What is Gain on Plant Asset?
400
This inventory costing method uses the most recent merchandise to calculate cost of merchandise sold
What is LIFO?
400
This inventory method uses the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold.
What is Weighted-Average?
400
The monthly depreciation of a plant asset with an annual depreciation amount of $144 and a salvage value of $90.
What is $12?
500
Estimating the percentage of uncollectible accounts expense at the end of a fiscal period is an application of this accounting concept
What is Matching Expenses with Revenue?
500
An accounting form on which a business records information about each plant asset
What is a plant asset record?
500
This inventory method uses the earliest purchases to calculate the ending merchandise inventory.
What is LIFO?
500
The gross profit method makes it possible to prepare monthly income statements without doing this.
What is taking a physical/periodic inventory?
500
The first year depreciation amount using the declining balance method of a plant asset with an original cost of $20,000, an estimated useful life of 10 years, and an estimated salvage value of $300.