Match each of the following terms with the appropriate definitions.
A. The uncollectible accounts of credit customers who do not pay what they have promised.
B. The party to whom the promissory note is payable.
C. Amounts due from customers for credit sales.
D. A contra asset account with a balance approximating the amount of accounts receivable expected to be uncollectible.
E. A process of classifying accounts receivable by how long it is past its due date for the purpose of estimating the amount of uncollectible accounts.
F. The charge a borrower pays for using money borrowed.
G. The accounting principle that requires expenses to be reported in the same period as the sales they helped to produce.
H. A written promise to pay a specified amount of money, usually with interest, either on demand or at a definite future date
I. The party who signs a note and promises to pay it at maturity.
J. The expected proceeds from converting an asset into cash.
A. Bad debts
B. Payee of a note
C. Accounts receivable
D. Allowance for doubtful accounts
E. Aging of accounts receivable
F. Interest
G. Expense recognition (matching) principle
H. Promissory note
I. Maker of a note
J. Realizable value
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The auditor should consider all of the following when deciding whether substantive procedures will be performed at an interim date except:
A. scheduling conflicts in the audit firm that make interim testing more convenient. B. the control environment and other relevant controls. C. the assessed risk of material misstatement. D. the purpose of the substantive procedure.
Bourne Company received rent in advance of $9,000 on December 31, 2016, which was taxable when received for income tax purposes. The company's effective tax rate was 30%, and this was the only temporary difference. Which of the following should be reported on the December 31, 2016 balance sheet?
A) $9,000 as a current deferred tax liability B) $2,700 as a current deferred tax liability C) $2,700 as a current deferred tax asset D) $9,000 as a current deferred tax asset
With the ________ heuristic, predictions of usage are based on quickness and ease of use
A) availability B) representative C) anchoring D) adjustment E) semantic
In addition to gaining credibility, what should be your goals when writing the interest and desire sections of the persuasive request for action?
A) Make the readers believe that helping you will solve a significant problem. B) Show the readers you understand their concerns. C) Demonstrate that you have good reason for making the request. D) Show how much you know about the situation by using facts and figures to support the argument. E) Develop an easy to follow course of action.