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Accounting I  © 2008 Tibebe Mengistu Source: PEOI


Chapter:9: Receivables

R- ac9-1:  What are receivables?

R- ac9-2:  What controls are normally required for receivables?

R- ac9-3:  How is a company interest rate calculated?

R- ac9-4:  Describe the accounting method used to deal with notes receivable.

R- ac9-5:  What are notes receivable discounting? And when is its used?

R- ac9-6:  What is name given to notes receivable which fail to be collected?

R- ac9-7:  What happens when receivables are not collected?

R- ac9-8:  What is allowance method for receivables?

R- ac9-9:  How are future uncollectibles estimated?

R- ac9-10:  When is the write-off method used for uncollectibles?

1.   Describe why a write-off of a bad debt should be reversed if collection occurs at alter date.

2.   "The primary responsibility for internal controls rests with the outside auditors." Do you agree? Explain.

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