Acc Week 1 Questions

1)What type of receivable is evidenced by a formal instrument and normally requires the payment of interest

2) When is a receivable recorded by a service organization?

3) At what value are accounts receivable reported on the balance sheet?

4) Short-term notes receivable are reported at their cash (net) realizable value.

5) Which one of these statements about promissory notes is incorrect?

6) Which of the following should be classified as an “other” receivable?

7) What type of receivables result from sales transactions?

8) Which one of the following is not a method used by companies to accelerate cash receipts?

9) Which of the following accounts is debited when a company factors its accounts receivable?

10) Which of the following is the value at which loans and receivables should be reported under IFRS?