Accounts Receivable Jeopardy 400 500 300 1 200 400 500 100 200 300 100 200 300 400 500 400 300 200 100 234.

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Presentation transcript:

Accounts Receivable Jeopardy

Tests to be taken by all senior business concentrators and completers at Mount Union

What are NOCTI tests?

Accounts receivable that cannot be collected

What are Uncollectible Accounts?

DAILY DOUBLE

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

What is Writing Off an Account?

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

What is the Direct Write-Off method?

Currently going on in Vancouver, Canada

What are the Winter Olympics?

The first step when recording the collection of an account previously written off as uncollectible

What is Reopening the Customer Account?

Crediting the estimated value of uncollectible accounts to a contra account

What is the Allowance Method?

Assumes that a percentage of each sales dollar will become uncollectible

What is the Percentage of Sales Method?

Today…celebrating George Washington’s and Abraham Lincoln’s birthdays

What is President’s Day?

Assumes that a percentage of account receivable will become uncollectible

What is the Percentage of Accounts Receivable Method?

Analyzing accounts receivable according to when they are due

What is Aging Accounts Receivable?

The number of times the average amount of accounts receivable is collected

What is the Accounts Receivable Turnover Ratio?

The 2010 Super Bowl Champions

Who are the New Orleans Saints?

The difference between the balance of accounts receivable and the allowance for uncollectible accounts

What is the Book Value of Accounts Receivable?

The number of days in a year divided by the Accounts Receivable Turnover Ratio

What is the Average Number of Days for Payment?

Also referred to as Bad Debts

What are Uncollectible Accounts?

DAILY DOUBLE

An entry made at the end of a fiscal period to record estimated uncollectible accounts expense

What is an Adjusting Entry?

The journal used to record reopening a customer’s account that was previously written off

What is the General Journal?

The NFL football player coming to visit Mount Union High School

Who is Marcus Colston?

The journal used to record the collection of an account previously written off

What is the Cash Receipts Journal?