Describe how to report and analyze receivables.

Q: Describe the Subsequent Valuation of Accounts Receivable.

A: Accounts receivable    It refers to the amount for which the services and goods have been delivered…

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: Explain the impact of the collection of these receivables on the Financial Statements.

A: Introduction:- Financial statement gives clear picture of financial position of the company.…

Q: How can assets and liabilities be classified for a more informative balance sheet?

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: preparing a balance sheet, interest receivable goes under what heading?

A: Balance sheet:It is one of financial statement which shows the assets, liabilities and shareholders’…

Q: Record the sale of receivable.

A: Sometimes companies require funds and they too have the assets like the accounts receivables for…

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: Define Sale of Receivables.

A: Sales: A sale refers to the operating activity through which the company earns income by selling…

Q: Accounts receivable can be classified as ____

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: the contra -asset of accounts receivable is

A: The contra assets of accounts are represented as the deductions from a gross account. The contra…

Q: Define Accounts payable.

A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: Describe the relationship between debit balances and credit balances when it comes to “t graphs”?

A: T-graph or T-accounts: T-account is the form of the ledger account, where the journal entries are…

Q: Describe accounts receivable and how they occur and are recorded.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Give a definition of “Receivables”. Give two examples.

A: In accounting, Receivables means amount to be received from outside of the company. It includes…

Q: We report accounts receivable in the balance sheet at the amount expected to be collected. Explain…

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

Q: Distinguish between accuracy tests of gross accounts receivableand tests of the realizable value of…

A: Accounts Receivables, as the name itself suggests are accounts indicating amounts to be received…

Q: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

Q: What is difference between general ledger and balance sheet. If possible, can you give me an…

A: The accounting is a process to record the financial transactions on regular basis and prepare the…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: How is Accounts Receivable audited?

A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…

Q: Define receivables and explain issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Define Accounts receivable.

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Define receivables and understand issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Explain additional accounting issues related to accounts and notes receivable.

A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…

Q: Define Receivable Management and Credit Policies

A: Receivable Management : managing the outstanding   Credit Policies  : Selling on credit to parties…

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: How does account receivable work?

A: The term "account receivable" denotes that payment for previously completed work has yet to be…

Q: Explain the term Transfers of Notes Receivable.

A: Note receivable: Note receivable refers to a written promise for the amounts to be received within a…

Q: The chart that gives data about payments and payment schedule is called what?

A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…

Q: Define Current Receivables.

A: Current receivables are recorded under current assets of the company.

Q: When you collected Accounts Receivables, your entry would include?

A: Accounts Receivable is shown as an asset in the books of accounts and has a debit balance. When the…

Q: How to identify the debit and credit amount for the general ledger

A: In order to balance the journal ledger both the debit and credit accounts to be balanced that is…

Q: Define the term accounts receivable?

A:

Q: Indicate how to present and analyze liabilities and contingencies.

A: The liabilities are the amount of money which a business has to pay to the outside parties. The…

Q: Define Notes Receivable.

A: Notes receivable: Its a current asset having a life of less than one year. Notes receivable should…

Q: Define account receivable

A: The formula to compute accounts receivable turnover ratio as follows: Accounts receivable turnover…

Q: Explain accounting issues related to recognition and valuation of notes receivable.

A:

Q: When dealing with receivables, give an example of a subsidiary account.

A: Accounts receivable:   Accounts receivable refers to the amounts to be received within a short…

Q: What is the average amount of receivables?

A: P81,875 is the average amount of receivables.

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.