Explain receivables conversion period

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

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: Record the sale of receivable.

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

Q: Account for accountspayable and analyzeaccounts payableturnover

A: Accounts payable:   It refers to the money owed by the organization to their suppliers which is…

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: Define Sale of Receivables.

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

Q: otal of trade receivables remaining

A:

Q: What is the invoice total (in $)?

A: Insurance on the invoice is $32.99

Q: Define stretching accounts payable

A: Accounts Payable are the money owed by the company, wherein this comprises short-term loans from…

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: 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: Define Receivables turnover ratio with example.

A: Receivables turnover ratio: It refers to the accounting ratio that shows the efficiency of a firm of…

Q: Describe factoring of receivables.

A: Definition:   Factoring: A factoring is a financial transaction in which a company sells its…

Q: Define refunding operation

A: Introduction: Refunding is the method of withdrawal or repayment of an existing bond issue by…

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 receivables and understand issues related to their recognition.

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

Q: When should the transfer of receivables be recorded as a sale?

A: When a Note receivable is passed to a Transferor, the transferred value is separated from the…

Q: Show the deposit slip of

A: Case -1 Deposit of Cash amounting to P 55000     Deposit Date ____July 8,20X1 Cash    Name…

Q: calculate the discount date and the net date for the transaction.

A: Given that the invoice terms are 2/10 , n/45 That is if the invoice is paid in 10 days we get a…

Q: What is aging of receivables?

A:

Q: Explain how to record note payable transaction.

A:

Q: What are age of receivables and how do you calculate them? Please explain

A: Accounts receivable form a part of assets of the entity and represents the amount due from the…

Q: 2. Differentiate pledging, assignment and factoring of receivable,

A: The receivables are referred to as the current assets of the company. These are the amounts that a…

Q: Explain Long-Term Notes Receivable with example.

A: Notes receivable: An asset representing the right to receive the principal amount contained in a…

Q: Explain payment date

A: Whenever firms have the excess cash, either they can distribute it as dividend or can retain that…

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: its sales, what will be the level of accounts receivable following the change?

A: We know that DSO = accounts receivable/sales * 365 Hence 50 = 1,000,000/sales*365 or sales =…

Q: Define Current Receivables.

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

Q: Explain how to record accrued interest.

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: Explain payables deferral period (PDP)

A: Payable deferral period (PDP) is a period or number of days that firms take to pay their creditors…

Q: What is the difference between the percent-of-receivables and aging-of-receivables methods?

A: Percentage of sales method:Credit sales are recorded by debiting (increasing) accounts receivable…

Q: Receivable Turnover catio

A: Account receivable turnover ration = Net credit Sales / Average Account Receivables Note: The…

Q: Define Advance payments.

A: Advance Payment : Advance Payment is a payment made before goods or services are provided. Advance…

Q: Define Notes Receivable.

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

Q: What are the criteria for determining whether a sale of receivables has occurred?

A: Receivables: Receivables refer to an amount to be received in future. General classifications of…

Q: What is Accrued receivables?

A: Accruals:Accruals are the revenues that are earned but not received, and expenses that are incurred…

Q: Define clearing (payment process)

A: Checks: Checks refer to the written document which is dated and signed which directs a bank to pay a…

Q: WRITE YOUR DISCUSSION AND RECOMMENDATION ABOUT AVERAGE COLLECTION PERIOD TO ACCOUNTS PAYABLE…

A: Accounts payable refers to the amount that is owed by the company to suppliers. Accounts payable is…

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.