IFRS requires all of the following when classifying receivables except Select one: O a. Indicate the receivables classified as current and non-current in the statement of financial position. O b. All of these answer choices are required by IFRS when classifying receivables. Oc. Disclose all significant concentrations of credit risk arising from receivables. Od. Disclose any receivables pledged as collateral.

IFRS requires all of the following when classifying receivables except Select one: O a. Indicate the receivables classified as current and non-current in the statement of financial position. O b. All of these answer choices are required by IFRS when classifying receivables. Oc. Disclose all significant concentrations of credit risk arising from receivables. Od. Disclose any receivables pledged as collateral.

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Description: IFRS requires all of the following when classifying receivables exceptSelect one:O a. Indicate the receivables classified as current and non-current in the statement of financial position.O b. All of these answer choices are required by IFRS when cl

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 19MC: Which of the following is true of a maturity date? A. It must be calculated in days, not in months...

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All of the following are ways in which receivables are commonly classified in financial statements except: a.collectible or uncollectible. b.current or noncurrent. c.trade or nontrade receivable. d.accounts or notes receivable.
Which of the following statements is true? Group of answer choices Companies typically report gross receivables on the balance sheet and disclose net receivables and the allowance for uncollectible accounts in the notes to the financial statements. Companies typically report net receivables on the balance sheet and disclose gross receivables and the allowance for uncollectible accounts in the notes to the financial statements. Companies typically report gross receivables and the allowance for uncollectible accounts on the balance sheet and disclose net receivables in the notes to the financial statements. Companies typically report net receivables and the net allowance for uncollectible accounts on the balance sheet and disclose gross receivables in the notes to the financial statements.
Which of the following will most likely provide the most assurance concerning theaccuracy balance-related objective for accounts receivable?(1) Vouch amounts in the subsidiary ledger to details on shipping documents.(2) Compare receivable turnover ratios with industry statistics for reasonableness.(3) Inquire about receivables pledged under loan agreements.(4) Assess the allowance for uncollectible accounts for reasonableness
Which of the following best describes the proper presentation of accounts receivable in the financial statements?a. Accounts Receivable plus the Allowance for DoubtfulAccounts in the asset section of the balance sheet.b. Accounts Receivable in the asset section of the balancesheet and the Allowance for Doubtful Accounts in theexpense section of the income statement.c. Accounts Receivable less Bad Debt Expense in theasset section of the balance sheet.d. Accounts Receivable less the Allowance for DoubtfulAccounts in the asset section of the balance sheet.
Is any special accounting treatment required for the assigning of accounts receivable in general as collateral for debt?
A risk-based deposit insurance program is defined as: a. A program that assesses the concentration risks of insured deposits. b. A program that assesses fines on the basis of capital adequacy and supervisory judgments. c. A program that uses market risk as the basis for deposit insurance premiums. d. A program that assesses insurance premiums on the basis of capital adequacy and supervisory judgments.
Which of the following is true? Short-term notes payable should be discounted at its present value, more so, if it constitutes a financing transaction and the imputed interest can be measured without undue cost or effort. Transaction costs of issuing financial liabilities are expensed outright. The present value of a serial note's principal is computed by using the PV of 1 as the present value factor. Notes payable are obligations supported by creditor's promissory notes.
Organizations have to plan and account for uncollectible debt. Does estimating uncollectible accounts help to improve the accuracy of financial statements? If so, explain how by examining some of the factors that go into this estimation. Examine the difference between accounts receivable and notes receivable. How does each play into the previous questions?
. Accounts receivable financing is the term used to describe which of the following types of loans that involve either the assignment or the factoring of a firm's accounts receivable? A. Secured short-term loan B. Unsecured short-term loan C. Secured long-term loan D. Unsecured long-term loan E. Trust receipt loan
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According to IAS 32 Financial Instruments: Presentation, which of the following could be classified as financial assets? Bank overdraft Cash at bank Inventories A current asset investment A forward contract