Question

Match the descriptions below with the correct answer, using the letter codes shown in the table...

Match the descriptions below with the correct answer, using the letter codes shown in the table below. (8 points)

A.    Realizable value

B.    Percentage of receivables method

C.      3/10, n/60

D.    Bad debt Expense

E.      Aging of receivables

F.      Allowance method

G.     Operating cycle

H.     Specific identification method

I.        FOB shipping point

J.        Time period assumption

K.    n/10 EOM

L.    Percentage of sales method

M.   Permanent accounts

N.    2/10, EOM

O.    2/10, n/30

P.     FOB destination

Credit terms that allow 2% discount if paid within the first 10 days of the next month.

Answer 1
Choose...
Tracks the actual physical flow for each inventory item available for sale.

Answer 2
Choose...
The economic life of a business should be divided into

Answer 3
Choose...
The net amount expected to be received in cash from receivables

Answer 4
Choose...
An expense considered to be a normal and necessary risk of doing business on credit basis

Answer 5
Choose...
Shipping terms that would typically mean that the seller has to pay the freight charges

Answer 6
Choose...
Generally acceptable for financial reporting purposes.

Answer 7
Choose...
would result in a $30 discount for early payment of a $1,000 purchase

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Homework Answers

Answer #1

1) Credit terms that allow 2% discount if paid within the first 10 days of the next month.

Answer - O) 2/10 , EOM


2) Tracks the actual physical flow for each inventory item available for sale.

Answer - H) Specific Identification method

3) The economic life of a business should be divided into

Answer - J)Time period assumption

4)The net amount expected to be received in cash from receivables

Answer - A) Realizable value

5)An expense considered to be a normal and necessary risk of doing business on credit basis

Answer - D) Bad Debt expense

6)Shipping terms that would typically mean that the seller has to pay the freight charges

Answer - I) FOB shipping point

7)Generally acceptable for financial reporting purposes.

Answer - F)Allowance method


8) would result in a $30 discount for early payment of a $1,000 purchase

Anwer- C)3/10 , n/60

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