Acct Fkin
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10 terms
Terms | Definitions |
|---|---|
 An adjustment for which the business paid or received cash in advance is | A defferal |
| The net realizable value of accounts receivable is the | Amount the company expects to collect from customers |
| On an indirect method statement of cash flows, a gain on the sale of a plant asset is | Deducted from net income |
| Gains and losses are considered extraordinary if they arise from transactions which are unusual or infrequent | False |
| The acronym GAAP stands for | Generally accepted accounting principles |
| Under the percentage of sales method, the estimated bad debts for the period is based on? | A percentage of total revenues |
| Net accounts receivable is calculated as | Account receivables less allowance for uncollectible accounts |
| The matching principle states that expenses should be recorded in the same period as the related revenues | True |
| An accountant recognizes the impact of a business event as it occurs and accounts for it appropriately under which basis of accounting? | Accrual |
| It is the collection of cash, not the performance of the service that earns revenue | False |
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