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 Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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