Accounting in Receivables & Inventory

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Across
  1. 3. During __ times, the FIFO inventory costing method produces higher inventory account balances than the LIFO method would
  2. 4. The amount of an account balance that is expected to be collected is the __ __ __
  3. 6. The __ __ system is updated at the end of the period to match the physical count of goods on hand
  4. 12. __ accounting recognizes revenue and expenses when earned, not when paid
  5. 13. FOB __ point is the transportation term where the seller transfers ownership at the time of delivery
  6. 15. When the security agreement is initially established, that is the __ __
  7. 16. Sales revenue minus cost of goods sold equals __ __
  8. 18. A __ __ is an account paired with another account type that has an opposite normal balance
  9. 21. Debt owed by customers from credit sales, due in a short period
  10. 22. The __ method is the inventory method where the earliest acquired goods are sold first
Down
  1. 1. The __ __ method calculates the average value of inventory items by weighting each purchase lot’s goods available for sale, then dividing by the total number of units of that item
  2. 2. The __ __ estimates bad debt based on certain computational approaches, matching it to sales
  3. 5. The __ principle serves as the primary basis for the lower-of-cost-or-market methodology for inventory valuation
  4. 7. The __ __ method estimates bad debt from accounts receivable balance, using a percentage
  5. 8. The __ date is when a bond or note is due
  6. 9. The allowance for doubtful accounts is a __ __ account that is contrary to accounts receivable
  7. 10. __ available for sale is the total of all inventory to be sold this period or held in period-end inventory
  8. 11. The method that delays recognition of bad debt until the specific customer accounts receivable is identified is the __ __ __ method
  9. 14. Bad debts are the __ amounts from customer accounts
  10. 17. The concept that mandates inventory to be reported at the lower of the value of inventory reflected in the general ledger is
  11. 19. The cost of goods sold account would appear on the __ __
  12. 20. The __ __, first out method assumes the latest goods are sold first