How much is the impairment loss on the receivables?

Q: What is the purpose of an allowance for uncollectibles and why is it important?

A: Accounts receivable is the current asset and the amount that is not received yet from the customer…

Q: What are the major differences in translating liabilities between the What are the…

A: liabilities  The financial responsibilities of a business, such as money owed to suppliers, wages…

Q: explain the inherent risks associated with prepaid expenses and deferred charges.

A: A deferred charge is the same as a long-term prepaid expense, which is an expense made for an…

Q: What does the age of accounts receivable refer to? How can we use an aging method to estimate…

A: Accounts receivable aging:   Accounts receivable aging refers to a periodic report that enable the…

Q: What is the difference between a bill and a payment

A: Answer: Bill and payment are two different terns that can be used for same document. The two terms…

Q: Why does balance of payments contain an account called statistical discrepancy?

A: The equilibrium of installments (BOP), otherwise referred to as equilibrium of worldwide…

Q: a)  Explain the difference between: Capital expenditure and revenue expenditure, giving an example…

A: Capital Expenditure: It is a expenditure made by company to acquire or renovate a property, plant or…

Q: Which one of the following is not one of the factors in computing depreciation? Cost price…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: How do you think the miss statement of fines will impact the important statement and balance sheet.

A: Given: The impact on income statement and balance sheet due to misstatements of funds.

Q: What is issue of payments deficits

A: Introduction:- payment of deficit means:- Country imports more goods, services, and capital than…

Q: In what way do accounts receivables and accounts payables differ from each other

A: Solution: Accounts receivables represent amount owed by customer for merchandise sold by business.…

Q: How does the percent-of-sales method compute bad debts expense?

A: In percent of sales method, bad debt expenses are computed as a predetermined percentage of credit…

Q: What is the expense account associated with the cost of uncollectible receivables called?

A:

Q: How should we account for the fact that not every account receivable is likely to be collected?

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

Q: receivables turnover ratio

A: Receivable turnover ratio is an important accounting metric used to evaluate the performance of…

Q: How is the receivables turnover ratio measured? What does this ratio indicate? Is a higher or lower…

A: Receivables turnover ratio is measured by dividing net credit sales of a period by average accounts…

Q: What is aging of receivables?

A:

Q: What is the largest estimated possible loss that could arise in a safe payment schedule? no need to…

A: the largest estimated possible loss that could arise in a safe payment schedule are the value of…

Q: What controversy relates to the accounting for net operating loss carryforwards?  What is your…

A: Net operating loss (NOL) carryforwards refer to a tax provision that allows a business to use its…

Q: Under the allowance method, estimated uncollected receivables are credited to?

A: Solution: Under the allowance method, entry to record bad debts expense  is "Debit bad debts…

Q: Shouldn't increase in accounts receivable be subtracted instead of added?

A: Cash Flow Statement - Statement of cash flow includes inflow and outflow of cash during the…

Q: allowance for doubtful accounts in accounting for receivables?

A: As per prudence Principle :- always anticipate future losses but never anticipate future profit.

Q: How is the allowance method of accounting for bad debts different from the direct write-off method?…

A: Solution: Introduction: Allowance for Doubtful accounts is a contra asset, that it is related with…