Notes
CASH & CASH EQUIVALENTS
Receivables
Spending
Miscellaneous
100
The dollar amount stated on a note.
What is face value?
100
This account includes only items immediately available to pay obligations.
What is a cash account?
100
Cash due to a corporation from transactions other than the sale of goods or services.
What is a Non-trade receivable?
100
This is King
What is Cash?
100
Translation of Latin, debere and credere.
What are debit and credit?
200
The prevailing or last quoted rate for borrowing or lending.
What is the market rate?
200
These items can be readily converted to cash.
What are cash equivalents?
200
A contra account to accounts receivable, representing a portion of outstanding receivables whose collection is doubtful.
What is AFDA?
200
This method of payment automatically removes the transaction amount from the customers bank account.
What is a Debit Card Transaction?
200
Corporations are required to pay a portion of their income to the government.
What are Taxes?
300
This type of note has a specified rate payable on top of amount stated on note.
What is interest bearing?
300
Cash held in separate account due to legal or legislation requirement, used only for a specific purpose.
What is a restricted cash account?
300
Accounts that are determined to be uncollectable and removed from accounts receivables.
What are Write-offs?
300
This method of payment uses a piece of paper signed by the purchaser redeemable at a financial institution for the amount stated.
What is a cheque?
300
Fixed and known value
What is a Determinable amount?
400
A payment that has a principal and interest component to it.
What is a blended payment?
400
A negative bank balance.
What is an overdraft?
400
A decrease in payment owed for paying before or during a specified time frame - ( 2/10 n/30 )
What is a Cash Discount?
400
This method of payment allows a merchant immediate payment for services with customer owing a third party the sales amount due.
What is a Credit Card Payment?
400
Amounts owed to suppliers for goods & services purchased on credit.
What are Trade Accounts Payable?
500
The act of reducing the price of a note for resale.
What is discounting?
500
Items that are valued in a currency different from your primary reporting type.
What is foreign currency?
500
Price reductions given to customers because of goods returned and defective merchandise not suited to the customer's needs.
What are Sales returns and Allowances?
500
Money borrowed from the bank using outstanding accounts receivables as collateral.
What are loans secured by Accounts receivable?
500
These items include money as well as claims to or for money if they are for fixed amounts and involve cash.
What are Monetary Items?
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