Select the term that best fits each of the following definitions and descriptions.
a.
Notes receivable
b.
Nontrade receivables
c.
Net realizable value
d.
Direct write-off method
e.
Interest-bearing note
f.
Maturity date
g.
Promissory note
h.
Factoring receivables
i.
Trade discount
j.
Present value
k.
Allowance method
l.
Sales discount
m.
Negotiable note
n.
Non-interest-bearing note
o.
Assignment of receivables
p.
Valuation date
____ 21. Receivables that are evidenced by a formal written promise to pay a certain sum of money at a specified date.
____ 22. The date the principal amount of a note is due to be paid.
____ 23. The sum of future receipts or payments discounted to the present date at an appropriate rate of interest.
____ 24. A method of recognizing the estimated losses from uncollectible accounts as expenses during the period in which the sales occur.
____ 25. A note that is legally transferable by endorsement and delivery.
____ 26. Any receivable arising from transactions that are not directly associated with the normal operating activities of a business.
____ 27. A note written in the form where the face amount includes the interest charges.
____ 28. The borrowing of money with receivables pledged as security on the loan.
____ 29. A note written in the form where the maker promises to pay the face amount plus interest at a specified rate.
____ 30. An unconditional written promise to pay a certain sum of money at a specified time.
Select the term that best fits each of the following definitions and descriptions.
a. | Notes receivable |
b. | Nontrade receivables |
c. | Net realizable value |
d. | Direct write-off method |
e. | Interest-bearing note |
f. | Maturity date |
g. | Promissory note |
h. | Factoring receivables |
i. | Trade discount |
j. | Present value |
k. | Allowance method |
l. | Sales discount |
m. | Negotiable note |
n. | Non-interest-bearing note |
o. | Assignment of receivables |
p. | Valuation date |
____ 21. Receivables that are evidenced by a formal written promise to pay a certain sum of money at a specified date.
____ 22. The date the principal amount of a note is due to be paid.
____ 23. The sum of future receipts or payments discounted to the present date at an appropriate rate of interest.
____ 24. A method of recognizing the estimated losses from uncollectible accounts as expenses during the period in which the sales occur.
____ 25. A note that is legally transferable by endorsement and delivery.
____ 26. Any receivable arising from transactions that are not directly associated with the normal operating activities of a business.
____ 27. A note written in the form where the face amount includes the interest charges.
____ 28. The borrowing of money with receivables pledged as security on the loan.
____ 29. A note written in the form where the maker promises to pay the face amount plus interest at a specified rate.
____ 30. An unconditional written promise to pay a certain sum of money at a specified time.