Terms
16 new/unreviewed 16 total
Term
Accounts receivable turnover
Definition
A measure of the speed with which sales on account are collected; the ratio of net credit sales to average receivables.
New/Unreviewed
Term
Average collection period
Definition
The ratio of 365 days to the accounts receivable turnover; also called the number of days’ sales in receivables.
New/Unreviewed
Term
Classified financial statement
Definition
A format by which revenues and expenses on the income statement, and assets and liabilities on the balance sheet, are divided into groups of similar accounts and a subtotal is given for each group.
New/Unreviewed
Practice Tests
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