1. Which statement concerning receivables is incorrect?

1. Each of the major types of receivables should be listed separately in the statement of financial position or in the attached notes
2. None of the statements is incorrect
3. Interest revenue must be disclosed as other income in the income statement
4. Both the gross amount of receivables and the allowance for doubtful account should be disclosed

2. Notes receivable are recognized in the accounts at

1. Maturity value
2. Cash net realizable value
3. Face value
4. Gross realizable value

3. A 90-day note receivable dated May 18 has a maturity date of

1. August 17
2. August 18
3. August 16
4. August 19

4. If a firm fails to record estimated bad debts expense

1. Receivables are understated
2. Profit is understated
3. Expenses are understated
4. A and B

5. Which statement concerning receivables is incorrect?

1. Each of the major types of receivables should be listed separately in the statement of financial position or in the attached notes
2. None of the statements is incorrect
3. Interest revenue must be disclosed as other income in the income statement
4. Both the gross amount of receivables and the allowance for doubtful account should be disclosed