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Receivables

Receivables

0. 9. Receivables. 0. After studying this chapter, you should be able to:. Describe the common classifications of receivables. Describe the nature of and the accounting for uncollectible receivables. Describe the direct write-off method of accounting for uncollectible receivables. 0.

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REPORTING AND ANALYZING RECEIVABLES

REPORTING AND ANALYZING RECEIVABLES

REPORTING AND ANALYZING RECEIVABLES. 8. Accounting, Fourth Edition. Identify the different types of receivables. Explain how accounts receivable are recognized in the accounts. Describe the methods used to account for bad debts. Compute the interest on notes receivable.

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1.05k views • 68 slides
Advanced Medicare Cost Reporting

Advanced Medicare Cost Reporting

Advanced Medicare Cost Reporting . Mike Nichols Chad Krcil Managing Director Director. Mike Nichols. 28+ years of Healthcare Experience Cost Reporting (auditing, preparing, reviewing) Contractual Allowance and Settlement Analysis Determinations

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Intermediate Accounting November 4 th , 2010

Intermediate Accounting November 4 th , 2010

Intermediate Accounting November 4 th , 2010. General Course Questions Chapter 7 Cash and Receivables (using assigned homework) A. Recording Bad Debt Expense Problems 2,4, and 6 B. Using Receivables to Raise Cash ?17 & 19 BE 8 , 9, & 10

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Selling a Product or a Service

Selling a Product or a Service

C H A P T E R. 6. Selling a Product or a Service. Learning Objective 1. Understand the three basic types of business activities: operating, investing, and financing. Always associated with the primary activities of the business. Major Activities of a Business. Operating Activities:

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CHAPTER 12 Audit of the Sales and Collection Cycle: Tests of Controls

CHAPTER 12 Audit of the Sales and Collection Cycle: Tests of Controls

CHAPTER 12 Audit of the Sales and Collection Cycle: Tests of Controls. What accounts are typically involved in the sales and collection cycle?. What accounts are typically involved in the sales and collection cycle?. - sales - sales returns and allowances - bad debt expense

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611 views • 48 slides
Accounting for Bad Debts

Accounting for Bad Debts

Chapter 13. Accounting for Bad Debts. Learning Objective 1. Describing how the Bad Debts Expense account and the Allowance for Doubtful Accounts account are used to record bad debts. LO-1. Bad Debts . Debts that come from credit customers who do not pay their bills

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Cash and Receivables

Cash and Receivables

Cash and Receivables Chapter 7 Learning Objectives What is Cash Recognition of Receivables Trade Discounts Cash Discounts (gross versus net) Valuation of Accounts Receivable Direct Write-off Method Allowance Method (% sales & % of receivables) Recognition of Notes Receivable

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895 views • 37 slides
Accounts Receivable

Accounts Receivable

Accounts Receivable. Generally, two major issues:. How to Record Sales Discounts How to Record Doubtful Receipts. Accounts Receivable. Discounts. The most prevalent is the cash discount for early payment on the account. Example: 2/10, n/30. Accounts Receivable. Discounts.

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Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable Chapter 16 Learning Objective 1 Describe the methodology for designing tests of details of balances using the audit risk model. Accounts Receivable Balance-Related Audit Objectives Detail tie-in Accuracy

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BSAD 221 Introductory Financial Accounting Donna Gunn, CA

BSAD 221 Introductory Financial Accounting Donna Gunn, CA

BSAD 221 Introductory Financial Accounting Donna Gunn, CA. What is Revenue?. Revenue is NOT an asset Revenue creates assets, usually accounts receivable cash It is the value of the assets received. The revenue principle requires that revenues be recorded when earned :

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484 views • 29 slides
Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions. Dr. Mohamed A. Hamada. Learning Objective 1. Identify the accounts and the classes of transactions in the sales and collection cycle. Accounts in the Sales and Collection Cycle.

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679 views • 29 slides
Chapter 7: Accounts Receivable and Notes Receivable

Chapter 7: Accounts Receivable and Notes Receivable

Chapter 7: Accounts Receivable and Notes Receivable. Accounts receivable arise from selling goods or services to customers on account. Recorded at face amount to be collected. However, we must also reflect the fact that a portion of A/R may not be collected.

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FA2 Module 3. Statement of Cash Flow

FA2 Module 3. Statement of Cash Flow

FA2 Module 3. Statement of Cash Flow. Definition and objectives Classification of elements Direct and indirect methods Gains and losses The T-account method Accounts receivable. 1. SCF: Definition and objectives.

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Toronto Meetings

Toronto Meetings

Toronto Meetings. JUNE 26 - 27 , 2012. NU Safe Harbor Provisions.

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ACCOUNTS RECEIVABLE & REVENUE RECOGNITION

ACCOUNTS RECEIVABLE & REVENUE RECOGNITION

ACCOUNTS RECEIVABLE & REVENUE RECOGNITION Accounting ASW Summer 2004 Issue: What to do about bad debts? So far: Accounts Receivable 420 Sales Revenue 420 Two potential approaches Direct write-off method Allowance method

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Critical Issues-Current Assets

Critical Issues-Current Assets

Critical Issues-Current Assets. Sufficient liquidity to meet obligations Sufficient liquidity to take advantage Speed of liquidity Long-term liquidity Meeting investment objectives Source of financial assets Sufficient liquidity for distribution. Asset Cash Accounts Receivable

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Valuation and Reporting of Receivables and Inventory

Valuation and Reporting of Receivables and Inventory

Valuation and Reporting of Receivables and Inventory. Chapter 6. Uncollectible Receivables. The matching principle requires that the expense related to uncollectible receivables must be recorded in the same period as the related revenue Often requires an estimate of uncollectible receivables

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Financial Outlook for U.S. Not-for-Profit Healthcare Sector

Financial Outlook for U.S. Not-for-Profit Healthcare Sector

Financial Outlook for U.S. Not-for-Profit Healthcare Sector. Drew Corrigan May 5, 2011. Generally, rating agencies continue to have a negative outlook for the U.S. Not-for-Profit Healthcare sector. Slow economic recovery Ongoing revenue pressures. U.S. Quarterly Unemployment Rate.

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Exercise 1

Exercise 1

Exercise 1. E.3-7. A partial adjusted trial balance of Piper Co at January 31, 2005 shows the following : Debit Credit Supplies $ 700 Prepaid Insurance $ 2,400 Salaries Payable $ 800

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