If receivables are hypothecated against borrowings, the amount of receivables involved should be A. Disclosed in the notes B. Excluded from the total receivables, with disclosure C. Excluded from the total receivables, with no disclosure D. Excluded from the total receivables and a gain or loss is recognized between the face value and the amount of borrowings

If receivables are hypothecated against borrowings, the amount of receivables involved should be A. Disclosed in the notes B. Excluded from the total receivables, with disclosure C. Excluded from the total receivables, with no disclosure D. Excluded from the total receivables and a gain or loss is recognized between the face value and the amount of borrowings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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42.What is "recourse" as it relates to transfer or sale of receivables? a. The obligation of the endorser/seller of the receivables to pay the endorsee/purchaser in case the debtor fails to pay. b. The obligation of the endorsee/purchaser of the receivables to pay the endorser/seller in case the debtor fails to pay. c. The obligation of the endorser/seller of the receivables to pay the endorsee/purchaser in case the debtor returns the product related to the sale. d. The obligation of the endorsee/purchaser of the receivables to pay the endorser/seller if all of the receivables are collected.