Accounting Mod4

Card Set Information

Author:
ryanpoz
ID:
145417
Filename:
Accounting Mod4
Updated:
2012-04-04 02:29:53
Tags:
Accounting bad debts
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Description:
Accounting
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  1. Income Statement Approach to bad debts
    another name for % of sales approach
  2. Factor
    finance company that buys receivbales
  3. % of receivables approach
    allowance for doubtful accounts is % of receivables
  4. % of sales approach
    bad debts based on % of net credit sales

    results in a better matching of expenses with revenues
  5. aging schedule
    lists of accts receivable organized by lenght of time unpaid
  6. balance sheet approach
    another name for the % of receivables approach
  7. operating cycle
    days sales inventory PLUS collection period.

    Time it takes to receive, sell, and receive payment of goods.

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