which of the following statements is not valid in determining statement of financial position disclosure of accounts receivable? a. accounts receivable should be identified on the statement of financial position as "pledged" if they are used as security for a loan though the loan is shown on the same statement of financial position as a liability. b. the portion of installment accounts receivable from customers which falls due more than 12 months from the statement of financial position date usually would be excluded from current assets c. allowance to be deducted from accounts receivable for discounts returns and adjustments to be made in the future on accounts are shown in the current statement of financial position d. trade receivables are best shown separately from nontrade receivables where amounts of each are material
which of the following statements is not valid in determining statement of financial position disclosure of accounts receivable? a. accounts receivable should be identified on the statement of financial position as "pledged" if they are used as security for a loan though the loan is shown on the same statement of financial position as a liability. b. the portion of installment accounts receivable from customers which falls due more than 12 months from the statement of financial position date usually would be excluded from current assets c. allowance to be deducted from accounts receivable for discounts returns and adjustments to be made in the future on accounts are shown in the current statement of financial position d. trade receivables are best shown separately from nontrade receivables where amounts of each are material
which of the following statements is not valid in determining statement of financial position disclosure of accounts receivable? a. accounts receivable should be identified on the statement of financial position as "pledged" if they are used as security for a loan though the loan is shown on the same statement of financial position as a liability. b. the portion of installment accounts receivable from customers which falls due more than 12 months from the statement of financial position date usually would be excluded from current assets c. allowance to be deducted from accounts receivable for discounts returns and adjustments to be made in the future on accounts are shown in the current statement of financial position d. trade receivables are best shown separately from nontrade receivables where amounts of each are material
which of the following statements is not valid in determining statement of financial position disclosure of accounts receivable?
a. accounts receivable should be identified on the statement of financial position as "pledged" if they are used as security for a loan though the loan is shown on the same statement of financial position as a liability.
b. the portion of installment accounts receivable from customers which falls due more than 12 months from the statement of financial position date usually would be excluded from current assets
c. allowance to be deducted from accounts receivable for discounts returns and adjustments to be made in the future on accounts are shown in the current statement of financial position
d. trade receivables are best shown separately from nontrade receivables where amounts of each are material
Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.
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