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Management 1A- Chapter 8 Notes

by: Daniel Ochs

Management 1A- Chapter 8 Notes Management 1A

Daniel Ochs

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Chapter 8 Notes
Principles of Accounting
D.S. Litt
Class Notes
25 ?




Popular in Principles of Accounting

Popular in Business, management

This 1 page Class Notes was uploaded by Daniel Ochs on Thursday May 12, 2016. The Class Notes belongs to Management 1A at University of California - Los Angeles taught by D.S. Litt in Spring 2016. Since its upload, it has received 36 views. For similar materials see Principles of Accounting in Business, management at University of California - Los Angeles.

Similar to Management 1A at UCLA

Popular in Business, management


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Date Created: 05/12/16
Thursday, May 12, 2016 Management 1A Chapter 8 [Page 246 - 256] - Credit Department: determines credit worthiness of each prospective customer - Uncollectible Accounts: results of errors in judgement or because of unanticipated events - Accounts Receivable • Trade discounts: large quantity purchases • Sales discounts: prompt payment - Allowance for Doubtful Accounts: reflects best estimate of probable losses in accounts receivable - Direct Write-Off Method: write-off bad debt as it occurs (Not Acceptable in GAAP) - Allowance Method: an estimate of expected uncollected accounts • Aging of Accounts Receivable • Percent of Sales • Comparison of Aging and Percentage of Sales Methods - Financial Ratios based on Accounts Receivable Receivable Percentages = Average Accounts Receivable / Sales • - Allowance for Doubtful Accounts / Accounts Receivable • Turnover Ratio = Sales / Average Accounts Receivable - Average Days to Turnover = 365 / Turnover Times 1


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