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ACC 212 Pre Class Assignments ch. 5,6,7 questions and answers 2025 already graded A+.
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ACC 212 Pre Class Assignments ch. 5,6,7 questions and answers 2025 already graded A+.
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ACC 212 Pre Class Assignmentsch. 5,6,7 questions and
answers 2025 already graded
A+
The transmission of goods and/or services to customers; is usually
the largest dollar value on its statement - answer Revenues
Is usually the second line within the body of an income statement
and is subtracted from Net Sales to get a subtotal called Gross
Profit - answer Cost of Sales
A cost of offering credit sales (sales on account) that results from
some customers not paying - answer Bad Debt Expense
A current asset that represents amounts due from customers -
answer Accounts Receivable
A contra asset that reduces Accounts Receivable - answer
Allowance for Uncollectible Accounts
A current asset representing the goods an enterprise owns that
were purchased or made for the purpose of selling them - answer
Inventory
A current liability that represents amounts received from customers
for goods or services the enterprise has not yet provided to the
customers - answer Deferred Revenue
, 1. Identify the contract with a customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to performance obligations
5. Recognize revenue when (or as) the entity satisfies a
performance obligation - answer Revenue Recognition Steps
An examination of someone's credit history, typically done by
making an inquiry to a credit reporting agency such as Experian,
Equifax, or Transunion - answer Credit Check
Recognition of bad debt expense when specific customer accounts
are identified as uncollectible - answer Direct Write-off Method
The most accurate method for estimating uncollectible accounts
receivable - answer Aging of Accounts Receivable Analysis
A payment mechanism that facilitates commerce between buyers
and sellers - answer Credit Card
The maximum dollar amount a company will allow customers to buy
on credit - answer Credit Limit
Events in which customers transfer ownership of merchandise back
to a seller in exchange for a refund, a reduction in accounts
receivable, or credit toward alternative merchandise - answer
Sales Returns
Reductions in the amount a seller charges for goods or services
because of customer dissatisfaction - answer Sales Allowances
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