extra questions

Question 1

The normal balance of any account is the

Answer 1

Side which increases that amount

Question 2

The term “receivables” refers to

Answer 2

amounts due from individuals or comapnies

Question 3

Three accounting issues associated with accounts receivable are

Answer 3

recognizing, valuing, and disposing

Question 4

The net amount expected to be received in cash from receivables is termed the

Answer 4

cash realizable value

Question 5

If a company fails to record estimated bad debts expense then what value is understated

Answer 5

cash realizable

Question 6

When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is
debited when

Answer 6

managment estimates the amount of uncollectiables

Question 7

Bad Debt Expense is reported on the income statement as

Answer 7

an operating expense

Question 8

Allowance for Doubtful Accounts is reported in the

Answer 8

balance sheet as a contra asset

Question 9

if youre losing cash is it a credit or debt

Answer 9

credit

Question 10

if youre gaining cash it is a debit