a - ACROSS: 1 The contra-asset for Accounts Receivable is the Allowance for 2 The terms 2/10,n/30 signify a Sales 3 Upon accepting a customer's payment by Visa or Mastercard, a company must recognize a related - On which financial statement are Receivables presented? 5 A customer's check that "bounces" is called a_check * Ameasure of a company's efficiency: the number of times per year it collects its receivables is called Accounts Receivable * Shipping terms where the seller pays the transportation cost and bears any risk of loss while the shipment is in transit The first line item to appear on the income statement of a merchandising company is. 9 Ameasure of a company's efficiency: the average number of days it takes to realize cash from customers is called Average 10 Areconciling item which increases the balance per the bank: in transit 11 The first line item to appear on a Balance Sheet 12 An allowance for doubtful accounts is typically estimated by analyzing the of accounts receivable 13 Areconciling item which decreases the balance per the "books": Bank Service - 14 Since future doubtful accounts cannot be known for sure, their recorded amounts reflect management's best- 15 The end of a promissory note 16 A term used for an account or note that a company no longer expects to receive 17 Cash is susceptible to _, and good internal control helps to reduce this type of risk 1% Normal balance for Accounts Receivable 19 EFT is the acronym for Transfer za A control procedure that should be performed at least every month to establish the correct cash balance: Bank - DOWN: 1 Safeguarding Cash and other company assets is a primary goal of Internal_ 2 The name for the expense account where estimated uncollectible accounts are recorded 3 As a good internal control, companies should deposit excess cash in a _ account - Bad Debts should be reported as an Operating- 5 The amount at which receivables must be reported on the balance sheet: --- What account is created when a sale or service transaction is executed with a customer on a credit basis? ? The normal balance for the Allowance for Doubtful Accounts * If a company loans money to another entity, the amount is recorded as a Note Receivable Areconciling item which decreases the balance per the bank: Check 10 When a company gives up on the idea of ever collecting cash from a customer, it will _- the related account receivable 11 Accounts receivable represent amounts expected to be collected from a- 12 The name of the external document that accountants use as the basis for preparing a bank reconciliation: 13 Sales Returns & Allowances is an example of a__ account 14 The Revenue principle indicates that a company should report Sales when it has satisfied its delivery obligation 15 If a company loans money to another entity, it will earn revenue from - 16 An outstanding_ is an example of a reconciling item that the bank has not yet recorded due to a timing difference 17 It is possible that a reconciling item may arise when either the bank or "books" include ain) _ in recording cash transactions 18 Another term for a doubtful account is a credit
