Chapter 6 ~ Uncollectible accounts

Question 1

Accounts receivable that cannot be collected

Answer 1

Uncollectible Accounts

Question 2

Canceling the balance of a customer account because the customer is not expected to pay

Answer 2

Write off an account

Question 3

Recording uncollectible accounts expense only when an amount is actually known to be uncollectible

Answer 3

Direct write off method

Question 4

Crediting the estimated value of uncollectible accounts to a contra account

Answer 4

allowance method

Question 5

the difference between an assets account balance and its related contra account balance

Answer 5

book value

Question 6

analyzing accounts receivable according to when they are due

Answer 6

aging accounts receivable

Question 7

the number of times the average amount of accounts receivable is collected during a specific period

Answer 7

accounts receivable turnover ratio

Question 8

the average period of time collect an account receivable

Answer 8

days sales in accounts receivable