1.Consistent with ASC topic 326, expected credit losses are recognized as Multiple Choice a reduction of the...
Question:
1.Consistent with ASC topic 326, expected credit losses are recognized as
Multiple Choice
a reduction of the related revenue.
an addition to cost of goods sold.
an aggregated expense.
a separately reported loss.
2. Donau Inc. performs services with a normal contract price of $265,000 for a new customer. The customer signs a non-interest bearing note of $300,000. The differences between the normal contract price and the face amount of the note is considered
Multiple Choice
a sales discount.
a credit allowance.
imputed interest.
additional service revenue.
3. Which of the following must be disclosed for all categories of receivables?
Multiple Choice
Future expected receivables
Financing options available for major customers
Use of notes receivables to attract new clients
Changes in risk factors, policies, or methodologies
4. Consistent with IFRS No. 7, the fair value must be disclosed for receivables and loans with the following characteristics:
Multiple Choice
short-term maturity
long-term maturity
recognized at amortized cost
All of these choices are correct
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones