Ac501 Chapter 3 (Accounts)

Front 1

It is the account title for amounts collectible from employees for allowing them to make cash advances subject to deduction against their salaries or wages.

Back 1

Advances to Employees

Hint 1

A------- t- E--------

Front 2

It is the title used for the amount of interest earned on an interest-bearing notes receivable which is not yet collected.

Back 2

Accrued Interest Income or Interest Receivable

Hint 2

A------ I------- I------ o- I------- R---------

Front 3

It is a "contra-asset" account. It provides for possible losses from uncollected accounts. Though this is not actually an asset, it is classified as such because it is shown as a deduction from the Accounts Receivable which is a current asset account.

Back 3

Allowances for Uncollectible Accounts

Hint 3

A--------- f-- U------------ A-------

Front 4

It is the account title for amounts collectible arising from services rendered to customers on accounts. This constitutes an oral or verbal promise to pay by a customer or client.

Back 4

Accounts Receivable

Hint 4

A------- R---------

Front 5

It is the account title used for promissory note that is received by the business from the customer arising from rendering services, sale of merchandise, etc.

Back 5

Notes Receivable

Hint 5

N---- R---------

Front 6

They are defined as short-term highly liquid instruments that could readily be converted into cash and they present insignificant risk of changes in values because of changes in interest rates.

Back 6

Cash Equivalents

Hint 6

C--- E----------

Front 7

It is the account title for money set aside for small or petty expenses. This account exists when a business used the imprest system of keeping cash.

Back 7

Petty Cash Fund

Hint 7

P---- C--- F---

Front 8

It is the account title used to describe money, either in paper or in coins and money substitutes like check, postal money orders, bank drafts and treasury warrants. When it is deposited in the bank, the account title used is "Cash in Bank", "Cash on Hand" if kept within the location of the business.

Back 8

Cash

Hint 8

C---

Front 9

Refers to all assets that are expected to be realized, sold or consumed within the enterprise's normal operating cycle.

Back 9

Current Assets

Hint 9

C------ A-----

Front 10

It is the interval of time from the date of acquisition of merchandise inventory, sell the inventory to customers and the ultimate collection of cash from the sale.

Back 10

Operating Cycle

Hint 10

O-------- C----

Front 11

They are classified into two, namely: current assets and non-current assets.

Back 11

Assets

Hint 11

A-----

Front 12

BEST GUY IN THE WORLD

Back 12

Kirk Dino

Hint 12

Kirk Dinooo

Front 13

HELLOOOOO

Back 13

HAROOOO

Hint 13

HAIIIII

Front 14

Front (Term)

Back 14

Back (Definition)

Hint 14