Select the term that best fits each of the following definitions and description
ID: 2579015 • Letter: S
Question
Select the term that best fits each of the following definitions and descriptions.
a.
Notes receivable
b.
Nontrade receivables
c.
Net realizable value
d.
Direct write-off method
e.
Interest-bearing note
f.
Maturity date
g.
Promissory note
h.
Factoring receivables
i.
Trade discount
j.
Present value
k.
Allowance method
l.
Sales discount
m.
Negotiable note
n.
Non-interest-bearing note
o.
Assignment of receivables
p.
Valuation date
____ 21. Receivables that are evidenced by a formal written promise to pay a certain sum of money at a specified date.
____ 22. The date the principal amount of a note is due to be paid.
____ 23. The sum of future receipts or payments discounted to the present date at an appropriate rate of interest.
____ 24. A method of recognizing the estimated losses from uncollectible accounts as expenses during the period in which the sales occur.
____ 25. A note that is legally transferable by endorsement and delivery.
____ 26. Any receivable arising from transactions that are not directly associated with the normal operating activities of a business.
____ 27. A note written in the form where the face amount includes the interest charges.
____ 28. The borrowing of money with receivables pledged as security on the loan.
____ 29. A note written in the form where the maker promises to pay the face amount plus interest at a specified rate.
____ 30. An unconditional written promise to pay a certain sum of money at a specified time.
a.
Notes receivable
b.
Nontrade receivables
c.
Net realizable value
d.
Direct write-off method
e.
Interest-bearing note
f.
Maturity date
g.
Promissory note
h.
Factoring receivables
i.
Trade discount
j.
Present value
k.
Allowance method
l.
Sales discount
m.
Negotiable note
n.
Non-interest-bearing note
o.
Assignment of receivables
p.
Valuation date
Explanation / Answer
a. Notes receivable____ 21. Receivables that are evidenced by a formal written promise to pay a certain sum of money at a specified date.
f. Maturity date____ 22. The date the principal amount of a note is due to be paid.
j. Present value____ 23. The sum of future receipts or payments discounted to the present date at an appropriate rate of interest.
k. Allowance method____ 24. A method of recognizing the estimated losses from uncollectible accounts as expenses during the period in which the sales occur.
m. Negotiable note____ 25. A note that is legally transferable by endorsement and delivery.
b. Non trade receivables____ 26. Any receivable arising from transactions that are not directly associated with the normal operating activities of a business.
n. Non-interest bearing note____ 27. A note written in the form where the face amount includes the interest charges.
o. Assignment of receivables ____ 28. The borrowing of money with receivables pledged as security on the loan.
e. Interest bearing note____ 29. A note written in the form where the maker promises to pay the face amount plus interest at a specified rate.
g. Promissory note____ 30. An unconditional written promise to pay a certain sum of money at a specified time.
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