What type of receivable is evidenced by a formal instrument and also normally needs the payment that interest?A. Past-due accounts receivablesB. One account receivableC. A note receivableD. A profession receivable

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Which that the adhering to should be classified together an "other" receivable?A. Note receivableB. Profession receivablesC. Attention receivablesD. Account receivables
What form of receivables an outcome from sales transactions?A. Other receivablesB. Non-trade receivablesC. Long-term receivablesD. Trade receivables
When is a receivables taped by a company organization?A. When the related costs are incurredB. When service is detailed on accountC. When the bill is sent out to the customerD. Once the customer pays
At what value room accounts receivables on the balance sheet?A. Current valueB. Cash (net) realizable valueC. Fair market valueD. Maturity value
Which among the following statement is true?A. Negative debt expense and allowance for unconvinced accounts are both nominal accounts and are closed in ~ the end of the budget periodB. Poor debts expense and allowance for doubtful accounts room both actual accounts and neither are closed in ~ the end of the fiscal yearC. Negative debt price is a in the name account and also is closed at the end of the fiscal period, while allowance for doubtful accounts is a real account and also remains open up at the end of the fiscal periodD. Bad debt expense is a real account and also remains open at the end of the fiscal period, while allowance for unconvinced accounts is a nominal account and is closed in ~ the finish of the fiscal period
Which among the complying with is component of the transaction the is recorded when an account is written off under the pin money method?A. Allowance for skeptical accounts is debitedB. Loss on account receivable account is debitedC. Accounts receivable account is debitedD. Negative debts expense account is debited
Notes receivable are reported in the current assets ar of the balance sheet atA. The offering price in ~ which the inventory was offered to the customersB. Sector valueC. Complete principal plus attention for the term of the loanD. Cash (net) realizable value
Which among the adhering to is not among the five straightforward issues in accountancy for note receivable?A. Realizing note receivableB. Valuing notes receivableC. Getting rid of of notes receivableD. Recognizing notes receivable
Which among these statements about promissory note is incorrect?A. The party making the promise to pay is called the makerB. A promissory keep in mind is not a negotiable instrumentC. The party to whom payment is to it is in made is dubbed the payeeD. A promissory keep in mind is an ext liquid 보다 an account receivable
At what amount is a short-term notes receivable videotaped on the problem date?A. Present valueB. Maturity valueC. Face valueD. Fair sector value
Interest is usually linked withA. Doubtful accountsB. Notes receivableC. Bad debtsD. Accounts receivable
The receivable that is usually evidenced by a formal instrument of credit is a(n)A. Earnings tax receivableB. Keep in mind receivableC. Accounts receivableD. Trade receivables
Which the the complying with receivables would not it is in classified together an "other receivable"?A. Refundable earnings taxB. Note receivableC. Interest receivableD. Advance to one employee
Notes or account receivables that result from sales transactions are often calledA. Non-trade receivablesB. Goods receivablesC. Profession receivablesD. Sales receivables
The hatchet "receivables" advert toA. Cash come be payment to debtorsB. Quantities due from individuals or companiesC. Cash come be paid to creditorsD. Merchandise come be built up from individuals or companies
Receivables areA. Claims that room expected come be built up in cashB. One of the most liquid assets and thus are always considered existing assetsC. Shown on the earnings statement in ~ cash realizable valueD. Constantly the an outcome of revenue recognition
Non-trade receivables need to be reported individually from trade receivables. Why is this declare true or false?A. The is false since all present receivables need to be grouped together in one accountB. It is true because non-trade receivables execute not result from company operations and also should no be contained with account receivablesC. The is false because management can decide exactly how to report receivablesD. That is true due to the fact that trade receivables are present assets and non-trade receivables are long term
Which of the complying with would probably be the most far-ranging type the a claim held by a company?A. Note receivableB. Non-trade receivablesC. Account receivableD. Interest receivable
Which one of the adhering to is no an audit problem (issue) linked with accounts receivablesA. Valuing account receivablesB. Depreciating account receivablesC. Accelerating cash receipts from account receivablesD. Recognizing accounts receivable
The allowance for cynical accounts is necessary becauseA. As soon as recording uncollectible account expense, the is not feasible to understand which certain accounts will payB. Uncollectible accounts that space written off need to be built up in different accountC. Monitoring needs come accumulate every the credit losses over the yearsD. A legal responsibility results when a credit transaction sale is made
The account pin money for unconvinced accounts is classified together a(n)A. ExpenseB. Contra account to accounts receivablesC. Contra account of negative debt expenseD. Liability
Under the allowance method, negative debt cost is recordedA. When an individual accounts is composed offB. Because that an amount that the firm estimates it will not collectC. Once the lose amount is knownD. Several times during the audit period
Under the pin money method, writing off an uncollectible accountA. Influence both balance sheet and also income statement accountsB. Affects just balance paper accountsC. Affect only income statement accountsD. Is not acceptable practice
The net amount supposed to be obtained in cash from receivables is termed theA. Cash-good valueB. Gross cash valueC. Cash realizable valueD. Cash-equivalent value


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