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Accounts Receivable: Definition, Process & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

_____are the money that is owed to a company by customers for goods sold or services rendered.

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1. Which two things are required for an Accounts Receivable?

2. Why would the Accounts Receivable account balance decrease?

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About This Quiz & Worksheet

This quiz and worksheet will gauge your comprehension of the accounts receivable process. You will need to understand concepts like AR accounts and increases in account balances.

Quiz & Worksheet Goals

Use these assessment tools to:

  • Identify the name of an account that has recently deducted a credit purchase
  • Determine an account that is credited by a new credit sale
  • Recognize which AR account increases whenever a payment is made

Skills Practiced

This worksheet and quiz let you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related accounts receivable process lesson
  • Knowledge application - use your knowledge to answer questions about AR accounts
  • Information recall - access the knowledge you've gained regarding money owed to a company by customers for sold goods

Additional Learning

To learn more about accounting, review the lesson called Accounts Receivable: Definition, Process & Examples, which covers the following objectives:

  • Define asset
  • Understand what is a ledger
  • Recognize the purpose and role of a balance sheet
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