Chapter 3 Flashcards
What are cash or cash equivalents
q
What items are not cash or cash equivalents?
h
How do you classify unrestricted and restricted cash
6
Are deposits in transit added or subtracted from bank reconcilation
d
are outstanding checks added or subtracted from bank recociliation
5
are service charges added or subtracted from books
3
are bank collections added or subtracted from books
f
how are errors treated during bank reconciliations
f
how are NSF checks treated for book reconciliations
f
how is interest income treated for book reconciliations
f
how are negative bank acct balances treated
fff
can balanes in the same bank acct be netted?
f
can balances in different bank accounts be netted
f
How is AR valued
r
Account analysis for an AR T account
r
Gross method discounds
r
net method discounts
r
How to apply trade discounts
r
how should accounts receivable be presented on the balance sheet?
r
How to perform direct write off method
rrr
IS the allowance method or the accural method allowable for GAAP?
g
What are allowance methods for GAAP
df
Explain the percentage of sales method
g
Explain the percentage of AR at year end method
fa
Explain the aging of receviables method at year end?
f
When there is a provisional amount to uncollectibles expense what do you do?
f
How are bad debt expenses charged?
f
What JE is made when a receivable is determined to be uncollectable?
ff
When would you use the direct write off method
f
What is the JE to restore a previously written off account
g
What is factoring of AR
3
What is factoring with recourse
f
What is factoring without recourse
f
How do you value notes receivable
4
What are discounted notes receviable
g
What are notes receivable with recourse
g
What are notes receivable without recourse
v3
How do you figure out the dicount rate for notes receviables
4
