Chapter 22
Cash kept on hand for making small, incidental cash payments
Petty Cash Fund
Allocating a plant asset’s cost over its useful life.
Depreciation
An account receivable that the business cannot collect; also called a bad debt.
Uncollectable Account
How many bones in the human body
206
Most Populated country on earth
India
The person responsible for maintaining the
petty cash fund and for making petty cash disbursements.
Petty Cashier
Plant assets gaining value over time
Appreciation
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
Astronauts can grow up to 2 inches in space. why is this?
No Gravity
Worlds longest river
Nile
Any payment made from the
petty cash fund.
Petty Cash Dirsbursment
The total amount of depreciation for a plant asset that
has been recorded up to a specific point in time.
Accumulated Depreciation
A procedure for uncollectible accounts receivable; the business
matches the estimated uncollectible account expense with the
sales made during the same period.
Allowance Method
Which NFL Football team is named after the Gold Rush
Name 1 of the 7 wonders of the world
the Great Pyramid of Giza, Hanging Gardens of Babylon, Temple of Artemis at Ephesus, Statue of Zeus at Olympia, Mausoleum at Halicarnassus, Colossus of Rhodes, and Lighthouse of Alexandria.
A form requesting
money to replenish
the petty cash fund.
Petty Cash Requisition
A method that equally distributes the depreciation expense over an asset’s estimated useful life.
Straight-Line Depreciation
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
Highest selling board game of all time
Chess
What American state is in the shape of a peninsula?
Florida
An amount of money, consisting of
varying denominations of bills and coins, that is
used to make change in cash transactions.
Change Fund
Original Cost: 10,000
Disposable Value: 2,000
Useful Life: 4 years
Using Straight line method, how much is depreciated per year?
2,000
The amount the business can reasonable expect to
collect from its accounts receivable.
Book Value of Accounts Receivable
Which children's movie sequel in 1999 has a 100% rating on rotten tomatoes
Toy Story 2
Which is the southernmost country in the world, and the closest to Antarctica?
Chile