A business has trade receivables of $100 000 at its financial year end. There are no irrecoverable
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A business has trade receivables of $100 000 at its financial year end. There are no irrecoverable debts, but for the past 3 years 2% of its receivables have not been received. The statement of financial position includes $100 000 as a current asset.
(a) Which accounting concept is being ignored?
(b) State the correct amount.
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Related Book For 
Cambridge International As And A Level Accounting Revision Guide
ISBN: 9781444192001
1st Edition
Authors: Ian Harrison, Michael Hillman
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