Accounting MCQ Accounting:For a factoring arrangement, derecognition of receivables occurs when?a) Agreement is signedb) Substantially all risks and rewards are transferredc) Partial payment is receivedd) Collection is guaranteed

Concept of Derecognition of ReceivablesDerecognition of receivables refers to the process of…

Answered: Accounting: For a factoring…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 9MC: Which method delays recognition of bad debt until the specific customer accounts receivable is...

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Most agreements involving factoring of accounts receivable are made on a. O a. notification O b. market O c. non-market O d. non-notification O e. recourse basis.
The modified accrual basis ______. Multiple select question. What solution is it below? (A) records receivables (B) is merely a "light" version of the accrual version is not equivalent to the cash basis (C) accrues expenditures when payable (D) does not recognize long-term assets and liabilities
Unless otherwise stated, financial transactions assume the compounding frequency is greater than the payment frequency. Group of answer choices True False
Which of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivable
1. Subsequent to initial recognition, accounts receivable should be carried at a. Face Value c. Maturity Value b. Net Realizable Value d. Present Value 2. Loans and receivables are nonderivative financial assets a. With fixed or determinable payments that are not quoted in an active market. b. With fixed or determinable payments that are quoted in an active market. c. Without fixed or determinable payments that are not quoted in an active market. d. Without fixed or determinable payments that quoted in an active market. 3. Subsequent to initial recognition, loans and receivables are measured at a. Cost b. Amortized cost using straight line method c. Amortized cost using effective interest method d. Fair value 4. Trade receivables are classified as current assets when they are reasonably expected to be collected a. Within one year. b. Within the normal operating cycle. c. Within one year or within the normal operating cycle whichever is shorter d. Within one year or within the normal…
а. Define what is an off-balance sheet activity? Also provide an example of an off-balance sheet liability.
When receivables are bundled and transferred to another organization that issues securities collateralized by the transferred receivables, the arrangement is defined as: Multiple Choice: A. collateralization. B.discounting. C. factoring. D.securitization.
do not copy from other sources and please explain your answer
narubhai
23) The IFRS criteria for recognizing a transfer of a receivable focuses on which of the following? a)Risks b)Rewards c)Loss of control d) All of these answers choices are correct.
The practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.
Which method delays recognition of bad debt until the specific customer accounts receivable is identified? A. income statement method B. balance sheet method C. direct write-off method D. allowance method

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Accounting: For a factoring arrangement, derecognition of receivables occurs when? a) Agreement is signed b) Substantially all risks and rewards are transferred c) Partial payment is received d) Collection is guaranteed