2. Differentiate pledging, assignment and factoring of receivable,

Q: Describe the Subsequent Valuation of Accounts Receivable.

A: Accounts receivable    It refers to the amount for which the services and goods have been delivered…

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: Define Notes payable.

A: Notes payable is a liability item in the balance sheet of an organization.

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: What are some common types of receivables other than accounts receivable and notes receivable?

A: Receivables are the amount due to be received in future such as accounts receivable, notes…

Q: State and briefly explain any three distinguishing features between (i) a receipts and payments…

A: SOLUTION- THE FOLLOWING ARE THE DIFFERENCES BETWEEN RECEIPT & PAYMENT ACCOUNT AND INCOME &…

Q: d. Trade receivables, current assets (after deducting the related allowance) b. Trade receivables,…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: 01 : - What are Accounts Receivable — AR ? - What are Importance of Accounts Receivable ?

A: Accounts receivables form a significant part of the current assets of many organizations.

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: Define Accounts Receivable (Trade Receivables, Receivables)

A: Definition: Current assets: The assets which could be converted into cash within one year like…

Q: accounts receivable,

A: Account receivable :- When Company Goods sold or tendered service on Credit to customer and Company…

Q: describe the difeference between an account receivable and an account payable

A: Account Receivable: Account Receivable is the account in which a organization records the amount…

Q: the contra -asset of accounts receivable is

A: The contra assets of accounts are represented as the deductions from a gross account. The contra…

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: Describe the accounting treatment of notes receivable

A: If the note receivable is due within a year, then it istreated as a current asset. They are commonly…

Q: 1. Enumerate and explain the rules of debit and credit.

A: The entire subject or concept of accounting is based on the general rules of debit and credit. In…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: 3. Should a note receivable from a related party be included in the balance sheet with notes…

A: Balance sheet:   Balance sheet is a summary of assets, liabilities, and equity account that reports…

Q: 1. What is the formular for Accounts Recieveables?  2. What is the formular for Accounts Payable?

A: Accounts Receivable - Accounts Receivables are the amount that is not paid by the customers who had…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Note Receivable

A: Note Receivable means to receive the money in future against the note owed by any debtor of the…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: ______best describes the classification and normal balance of the accounts receivable account?

A: The Answer :

Q: Define and explain short-term and long-term accounts receivable.

A: Accounts receivable forms a part of assets of the entity and represent the amount due from the…

Q: nd de

A: The terms debit (DR) and credit (CR) have Latin roots: debit comes from the word debitum, meaning…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: What account is the contra account of Account Receivable?

A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…

Q: Explain the term Transfers of Notes Receivable.

A: Note receivable: Note receivable refers to a written promise for the amounts to be received within a…

Q: 1) What is the difference between Interest Receivables and Account Receivables and Interest…

A:

Q: Explain accounting issues related to disposition of accounts and notes receivable.

A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…

Q: Define the term Accounts Receivable Turnover?

A: Accounts receivable turnover: This is the ratio which analyzes the number of times accounts…

Q: Write the difference between accounts receivable and notes receivable.

A: Accounts Receivables:-It is the payment which the company receives from its debtors for the purchase…

Q: What is the basic information to recognize an account receivable?

A: Account receivable is a customer who has purchased the goods or has availed the services of a…

Q: Describe the Initial Valuation of Accounts Receivable.

A: Accounts receivable are those amounts that are to be received from customers because of credit…

Q: Accounting Elements that affect receivables - discount, returns and valuations

A: Accounting elements that affect Receivables, discount,returns and valuations are credit…

Q: What are the basic inputs to recognize an account receivable?

A: Accounts receivable can be defined as the money that is owed to the firm on the sale of goods or…

Q: What are the basic problems that occur in the valuationof accounts receivable?

A:

Q: Define account receivable

A: The formula to compute accounts receivable turnover ratio as follows: Accounts receivable turnover…

Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Required: 4. Indicate the classification, presentation and disclosure of the accounts receivable…

A: Receivables: The amount of money to be received within the operating cycle of the company is known…

Q: Explain accounting issues related to recognition and valuation of notes receivable.

A:

Q: What is Accrued receivables?

A: Accruals:Accruals are the revenues that are earned but not received, and expenses that are incurred…

Q: When dealing with receivables, give an example of a subsidiary account.

A: Accounts receivable:   Accounts receivable refers to the amounts to be received within a short…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.