Chapter 24
An account receivable that
the business cannot
collect; also called a bad
debt.
Uncollectible account
An inventory system that keeps a
constant, up-to-date record of the
amount of merchandise on hand.
Perpetual inventory system
A written promise to pay a certain amount of money
at a specific time.
promissory note
Outside of its home city, the St. Louis Bread Company is more popularly known as what chain restaurant?
Panera bread
On my birthday, what age did I turn when I received my first dog?
Age 2
A procedure for uncollectible accounts
receivable
Direct write off method
An inventory system in which inventory
records are updated only after a physical
count of merchandise on hand is mad
Periodic inventory system
A promissory note issued to a creditor.
note payable
Starring Michael Keaton as titular business mogul Ray Kroc, the 2016 film "The Founder" portrays the origin story of what golden-arches fast-food chain?
Mcdonald's
How many brothers and sisters do I have?
4 brothers & 2 sisters
A procedure for uncollectible accounts receivable
Allowance method
An electronic cash
register
Point of sale terminal
A promissory note that a business accepts
from a customer.
note receivable
The 2002 Eminem song "Business" is about Eminem's successful partnership with what rapper who went on to found Beats Electronics?
Dr.Dre
Whats my moms name?
Omayra or Myra
The amount the business can reasonable expect to
collect from its accounts receivable
Book value of accounts receivable
an inventory costing method that assumes that the first items purchased
(first in) were the first items sold (first out).
The fee charged for the use of money stated as a percentage of the principal.
interest
Which word that starts with E is another term for the market value of a business? (Hint: It’s also the name of a rent-a-car company that has a market value of over $23 billion).
Enterprise
How long did I play soccer for the school?
5 years
A method of estimating uncollectible accounts expense
in which a business assumes that a certain percentage of
each year’s net sales will be uncollectible
Percentage of net sales method
An inventory costing method that assumes that the last items purchased
(last in) are the first items sold (first out).
LIFO
Debts that are not required to be paid within the
next accounting period.
long-term liabilities
GNI is the end-of-the-year tally of how much money a country’s people and businesses earned. The equation could look like: the country’s gross domestic product (GDP) + what its citizens earned abroad - how much the country had to pay out abroad. The amount used to be called gross national product (GDP). What does GNI stand for?
Gross National Income
What was my first dogs name I mentioned earlier?
King