CHAPTER 9 ACCOUNTING FOR RECEIVABLES SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT 5 5 5 5 9 9 1 3 K AP K K K K K K 113. 114. 115. 116. 117. 118. 119. 120. 121. 122. 123. 124. 125. 126. 127. 128. 129. 130. 131. 132. 133. 134. 135. 136. 137. 4 4 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 7 7 8 K K K AP AP AP AP K K K C
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Goals of Receivable Management The basic goal of credit management is to maximize the value of the firm by achieving a trade off between the liquidity (risk and profitability). The purpose of credit management is not to maximize sales‚ nor to minimize the risk of bad debt. If the objective were to maximize sales‚ then the firm would sell on credit to all. On the contrary‚ if minimization of bad debt risk were the aim‚ then the firm would not sell on credit to anyone. In fact‚ the firm should manage
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“Millions of people saw an apple fall‚ but Newton was the one who asked why”‚ said Bernard Mannes Baruch (1870 – 1965) an advisor to more than 40 Presidents. And that is why I chose the major Engineering‚ because I just want to know why. Why do planes fly? Why does the Sun shine? I believe that Engineering is the answer to all of the scientific questions asked. The definition of Engineer is a person that is an expert in technology. They design machines‚ computer programs‚ buildings‚ and chemical
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The Current Undergraduate The article‚ “Ask Not What You Can Do For Your University‚ but What Your University Can Do For You”‚ written by the University of California Los Angeles Student WebZine‚ claims that universities are no longer providing education for students‚ but rather running a business. Colleges have turned into a profit seeking institution‚ making decisions based on financial concerns. The article claims that students are customers and education is a purchase. Webzine scolds the students
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Progressivism: Where Will You Put Your Million Dollars? Dear Aunt Bessie‚ I have finally decided what I’m doing with the money you gave me. Progressivism was a time when people tried to change things. I have figured out how to divide the $1‚000‚000 to help. I have decided to give away the million dollars to help solve these three problems. These problems are food safety conditions‚ deforestation‚ and child labor. I have decided that food safety will receive the $600‚000 gift. According
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Alice Hocker correctly stated‚ “Your greatness is not what you have‚ but in what you give‚” (“Your Greatness Is Not What You Have But In What You Give”). Alexander was someone who took from others. He had a lot of land‚ money and things he did not need but wanted. Alexander‚ the King of Macedon‚ took thousands of lives and seized land the size of the US. If people judged Alexander on what he gave than he would not be known as Alexander the Great‚ but as Alexander the Annihilator. Alexander was born
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Contemporary Management Theory You And Your Career Question 1: Motivation: Chapter 17‚ page Is Maslow’s hierarchy of needs useful to managers? Why? Response: Maslow’s Hierarchy of needs describes the building blocks where an individual can reach their highest and full potential to have an impact on themselves and the world around them. There are 4 key stages to achieve self-actualization that are incumbent upon one another. To answer the question‚ first we have to understand what are those
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Do you believe Blair’s recommendation to adjust the allowance for doubtful accounts is within his rights as manager‚ or do you believe this action is an ethics violation? Justify your response. Blair’s recommendation to the controller by means of reducing the estimate of doubtful accounts‚ I believe is an ethics violation. By lowering the estimate‚ the net income for the company would be overstated which would result in Blair getting a higher bonus. The company should only use the ethical standards
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1. INTRODUCTION 5 CCQ Artticles: 5 Comments for essay questions: 5 Brierley and Macdonald‚ “Quebec Civil Law” (1993) 6 Autonomy of the will theory: (B/J) 6 Ghestin: "L ’utile et le juste dans les contrats" (1981) 6 2. PRECONTRACTUAL ANALYSIS 7 What constitutes a valid offer? 7 CLL definition of an offer & an offeror 7 CML definition of an offer 7 Preliminary negotiation v. offer: 8 Harvey v Facey (1893 Privy Council) 8 Termination of an offer – lapse and
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is account receivable? Credit sales‚ sales on account b. How do accounts receivable differ from notes receivable? Notes Receivable arises when the seller asks for a note to replace an Accounts Receivable when the customer requests additional time to pay a past-due account. A promissory note is a written promise to pay a specific amount of money‚ usually including interest‚ at a future date. c. What is a contra asset? An account which offsets another account. A contra-asset account has
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