26
A written promise to pay a certain amount of money
at a specific time.
promissory note
An inventory system that keeps a constant, up-to-date record of the amount of merchandise on hand
perpetual inventory system
An account receivable that the business cannot collect; also called a bad debt.
uncollectible account
Long-lived assets that are used in the production or sale of other assets or services over several accounting periods.
plant assets
what sports did I do
football, track, volleyball
A promissory note issued to a creditor
note payable
An inventory system in which inventory records are updated only after a physical count of merchandise on hand is made.
periodic inventory system
A procedure for uncollectible accounts receivable; the business removes
the uncollectible account from its accounting records when it determines the amount is not going to be paid.
direct write-off method
Allocating a plant asset’s cost over its useful life.
depreciation
How many siblings do I have
2
A promissory note that a business accepts
from a customer.
note receivable
An electronic cash register.
point of sale terminal (POS)
A procedure for uncollectible accounts receivable; the business matches the estimated uncollectible account expense with the sales made during the same period.
allowance method
The estimated value of a plant asset at its
replacement time; also called salvage value.
disposal value
how many cars have i had
2
The fee charged for the use of money stated as a percentage of the principal.
interest
The link of a terminal or cash register to a centralized computer system.
online
The amount the business can reasonable expect tocollect from its accounts receivable.
book value of accounts receivable
A method that equally distributes the depreciation expense over an asset’s estimated useful life.
straight-line depreciation
what 2 students did I grow up with
Jose, Alexis
intrest equation
Interest = Principal x Interest Rate x Time
The requirement that ending merchandise inventory be stated at the lesser of cost (calculated using one of the four inventory costing methods) or market value.
lower-of-cost-or-market rule
A method of estimating the uncollectible accounts expense in
which each customer’s account is classified by age; the age classifications are multiplied by certain percentages; and the total estimated uncollectible amounts are added to determine the end-of-period balance of Allowance for Uncollectible Accounts.
aging of accounts receivable method
Two accounts affected
by the adjustment for depreciation:
Depreciation
Expense
Accumulated
Depreciation
which ever team picked the question gets
2,000 points