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19 Cards in this Set

  • Front
  • Back
Aging of Accts Recievable
-Classifying accts into age groups
* estimates uncollectable portion on accts recievable
ex: current, 1-30 days overdue
Bank Reconciliation
diff. between balance of cash in bank statement, and depositor's records
Allowance for doubtful accoutns
show portion of recievables estimated to be uncollectable
applied to investments in marketable securities
Line of credit
bank lends advance to borrower
uses accts. recievable
maturity date
date on which a not becomes due and payable
Maturity Value
value of a note at maturity date plus interest
Not Sufficient Funds
Cost Flow Assumption
sequence which units are removed from inventory for sale
- no physical movement
Cost Layer
units of merchandise acquired at the same unit cost
Cost Ratio
cost of merchandise expressed as a % of its retail selling price
FOB shipping point
buyer held responsible
FOB destination
seller held responsible till its at buyers location
Inventory Turnover Rate
Avg. amt. of inventory
Moving average methode
used in perpetual system
Shrinkage Losses
losses of inventory from theft, spoilage, or breakage
Write-Down of asset
reduction in carrying amount of asset because its impaired
Accts. Recivables Turnover Rate
net sales
average recivables