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  3. 21 . promissory note received from a customer in e

21 . promissory note received from a customer in exchange for an account receivable is...

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Accounting

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21 . promissory note received from a customer in exchange for an account receivable is recorded by the payee as a short-term Investment. 2 The matching principle, as applied to bad debts, requires the use of the allowance method of accounting for bad debts. --The quality of receivables refers to the likelihood of collection without loss. F. The account receivable turnover measures the relation of cash sales to credit sales. 5 T The total cost of an asset less its accumulated depreciation is called Carrying value or Book value. 6--F A gain on disposal of a plant asset occurs if the cash proceeds received from the asset sale is less than the asset's book value. 7 Amortization is the process of allocating the cost of natural resources to periods when they are consumed. 8 The estimated depreciation expense for an asset may be revised based on new information. A short-term note payable is a written promise to pay a specified amount on a definite future date within one year or the operating cycle, whichever is shorter

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