About This Chapter
Below is a sample breakdown of the Receivables in Accounting chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||The accounts receivable, revenue recognition and uncollectable accounts processes||The recording of accounts receivable transactions; the revenue recognition principle and its timing; procedures to follow when credit customers don't pay|
|Tuesday||Definition and purpose of receivables management||An explanation of receivables management and how it is used|
|Wednesday||Recording warranty and service costs||The processes by which these transactions are properly recorded|
|Thursday||Notes receivable||Procedures for determining interest rates and dates of maturity|
|Friday||Converting receivables to cash before maturity||A description of what occurs during this process|
1. Accounts Receivable: Definition, Process & Examples
Not all purchases of goods or services are paid for at the time of the purchase. Those that aren't are called accounts receivable. In this lesson, you will learn the basics about accounts receivable.
2. What is Revenue Recognition? - Principles, Process & Examples
Did you know that when it comes to reporting revenue in the accounting records of a company, there is a certain time that it needs to be done? In this lesson, we are going to discuss the timing of revenue reporting and the Revenue Recognition Concept.
3. Uncollectable Accounts, the Allowance Method & Bad Debt
Do you think that every customer that opens a credit account will pay off their balance completely? In the real world, not every customer does. In this lesson, you are going to learn what uncollectable accounts are and how to account for them.
4. Receivables Management: Definition & Purpose
Accounts receivable are a completely different part of the credit column for many companies, and receivables management practices help keep track of them. This lesson explains what they are and why it is so important to have receivables management in place.
5. Recording Warranty and Service Costs
Under the best of circumstances, accounting should go in one direction, focused on keeping the customer happy with goods. But what happens to the accounting records when one of those goods is returned? This lesson explains.
6. Notes Receivable: Definition, Maturity Date & Interest
Receivables are assets that a company owns. There are various items that are considered receivables. In this lesson, we are going to discuss notes receivable and the calculation of both the maturity date and the amount of interest charged on the note.
7. Converting Receivables to Cash Before Maturity
Cash-strapped businesses can sometimes turn to their receivables for an infusion of money. In this lesson, you'll learn how companies can convert receivables to cash before they're due to be paid.
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Other chapters within the Financial Accounting Syllabus Resource & Lesson Plans course
- Introduction to Accounting Lesson Plans
- Financial Statements in Accounting Lesson Plans
- Mechanics of the Accounting Cycle Lesson Plans
- Adjusting Accounts and Preparing Financial Statements Lesson Plans
- Internal Controls in Accounting Lesson Plans
- Merchandising Operations and Inventory in Accounting Lesson Plans
- Current and Long-Term Liabilities in Accounting Lesson Plans