Question

E8-14 (book/static) Match the terms with their correct definition. Terms​: 1. Accounts receivable 2. Other receivables 3 Debtor 4. Notes receivable 5. Maturity date 6. Creditor Definitions​: a. The party to a credit transaction who takes on an​ obligation/payable. b. The party who receives a receivable and will collect cash in the future. c. A written promise to pay a specified amount of money at a particular future date. d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. The right to receive cash in the future from customers for goods sold or for services performed. 1. Accounts receivable 2. Other receivables 3 Debtor 4. Notes receivable 5. Maturity date 6. Creditor Choose from any drop-down list and then click Check Answer. All parts showing

Answer 1

1. F

2. E

3. A

4. C

5. D

6. B

Step-by-step explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB). Some of the terms used in financial accounting includes;

a. Debtor: The party to a credit transaction who takes on an​ obligation/payable.

b. Creditor: The party who receives a receivable and will collect cash in the future.

c. Notes receivable: A written promise to pay a specified amount of money at a particular future date.

d. Maturity date: The date when the note receivable is due.

e. Other receivables: A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future.

f. Accounts receivable: The right to receive cash in the future from customers for goods sold or for services performed.