Financial Accounting: Guided Readings for Financial Accounting, Lesson 7.4 – Expert Level Flashcards

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SUGGESTION: In Chapter Seven, we look at our first account balance in depth. What is reported for accounts receivable? What do decision makers need to know when looking at what a company reports about this asset balance? What were the five most important topics covered in this chapter? Watch the video at the end of the chapter (“The Most Important Elements of Chapter Seven”) and learn what the textbook authors thought.



SUGGESTION: At the end of Chapter Seven, you will find two video problems. The first concerns your roommate whose parents own a chain of ice cream shops. The parents have started making sales to local restaurants on credit. The roommate understands the change in strategy but realizes this move creates uncertainty—the customer might not pay. The roommate wants to know how financial reporting can be done before any cash is collected.

Click on the link and watch one of our authors discuss this reporting issue.



SUGGESTION: Go to the end of Chapter Seven and work Problem 12 and Problem 13. They are basic problems about the recognition of accounts receivables and bad debts. Then, watch the following video where I walk you step-by-step through both problems. You can see how I approach each problem. The video says to look at problems 3 and 4 but in the third edition of the textbook those problems are numbers 12 and 13.



“I don’t think I can play any other way but all out … I enjoy the game so much because I’m putting so much into it.”

George Brett, former major league baseball player who was inducted into the Baseball Hall of Fame in 1999