Listed below are several terms and phrases associated with cash and receivables. Pair each item from List
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Listed below are several terms and phrases associated with cash and receivables. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.
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List A 1. Internal control 2. Trade discount 3. Cash equivalents 4. Allowance for uncollectibles 5. Cash discount 6. Balance sheet approach 7. Income statement approach 8. Net method 9. Compensating balance 10. Discounting 11. Gross method 12. Direct write-off method 13. Factoring List B a. Restriction on cash. b. Cash discount not taken is sales revenue. c. Includes separation of duties. d. Bad debt expense a % of credit sales. e. Recognizes bad debts as they occur. f. Sale of receivables to a financial institution. g. Include highly liquid investments. h. Estimate of bad debts. i. Reduction in amount paid by credit customer. j. Reduction below list price. k. Cash discount not taken is sales discount forfeited. 1. Bad debt expense determined by estimating amount of accounts receivable expected to be received. m. Sale of note receivable to a financial institution.
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