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Roger FAR > 1 - Basic Concepts & Financial Statements > Flashcards

1 - Basic Concepts & Financial Statements Flashcards

1
Q

Financial reporting frameworks (FRFs) may be what 2 types of frameworks? (GS)

A
  1. General purpose frameworks

2. Special purpose frameworks

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2
Q

Publicly held entities are required to submit their Financial Statement (F/S) in accordance with what type of framework?

A

General purpose framework, either GAAP or IFRS

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3
Q

Nonpublic entities are required to submit their Financial Statement (F/S) in accordance with what type of framework?

A

Any framework that fairly balances needs of their F/S users and the cost of providing information (GAAP, IFRS, special purpose framework)

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4
Q

What are the four criteria included in a financial reporting framework? (RMPD)

A
  1. Recognition criteria to determine what appears on F/S and when it will appear
  2. Measurement criteria to determine the amount at which to be reported
  3. Presentation criteria to determine where it will appear on the F/S
  4. Disclosure criteria to determine what and how much information to provide
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5
Q

What are the two general purpose frameworks? (GI)

A
  1. GAAP

2. IFRS

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6
Q

Statements prepared under a special purpose framework must have modified titles showing ______

A

Basis of accounting (e.g., “Consolidated Statements of Assets, Liabilities and Equity (FRF for SMEs Basis)”)

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7
Q

What are some major special purpose frameworks? (5) (CTCRF)

A
  1. Cash Basis
  2. Tax Basis
  3. Contractual Basis
  4. Regulatory Basis
  5. FRF for SMEs (Financial Reporting Framework for Small- and Medium-Sized Entities)
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8
Q

What is a Cash Basis (special purpose framework) (4) (REFM)?

A
  1. Revenues recognized when received, regardless when they are earned
  2. Expenses recognized when paid, regardless of when they are incurred
  3. Fixed assets are expensed and not capitalized
  4. Modified cash basis is a hybrid approach between cash and accrual (assets may be capitalized, tax & inventory may accrue)
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9
Q

What is a Tax Basis (special purpose framework) (2) (RT)?

A
  1. Revenues and expenses recognized for financial reporting purposes in the same period and same amount as they are recognized when preparing income tax return
  2. Tax basis could be cash- or accrual-basis
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10
Q

What is a Contractual Basis (special purpose framework) (MG) (2)?

A
  1. May be required to be used by a party to a contract

2. Generally designed to assist users to determine whether or not terms/requirements are being followed

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11
Q

What is a Regulatory Basis (special purpose framework)?

A

May be imposed by government agency to whom reporting is required

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12
Q

Generally, what basis of accounting do purpose frameworks apply?

A

Accrual basis of accounting

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13
Q

Under accrual basis, revenues are recognized in _____

A

Periods in which they are earned, regardless of when they are received (expenses recognized when incurred, regardless of when paid)

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14
Q

What are the objectives of financial reporting? (6) (PICFFC)

A
  1. Primary objective - Provide information useful to existing and potential investors, lenders, and creditors in making decisions about providing resources
  2. Information on the entity’s economic resources (Balance Sheet (B/S))
  3. Changes in economic resources and claims
  4. Financial performance (w/ accrual accounting) (Income Statement (I/S))
  5. Financial performance reflected by past cash flow (S of Cash Flow)
  6. Changes in economic resources/claims NOT resulting from financial performance (e.g., issuing additional stock) (Statement of Changes in Owners’ Equity)
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15
Q

Primary qualitative characteristics make information useful when they have _____

A

Relevance and faithful representation

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16
Q

Relevance is ____

Information is relevant when it has ____ (PC)

A

Information capable of making a difference in a user’s decision-making process if it has:

  1. Predictive value - Helps decision makers predict or forecast future results
  2. Confirmatory value (Feedback value) - Confirms/corrects prior predictions
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17
Q

Faithful representation is comprised of: (3) (FNC)

A
  1. Free from Error - No errors/omissions in the information
  2. Neutrality (w/o bias) - Information is free from bias
  3. Completeness - Adequate or full disclosure of all necessary information
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18
Q

What are some enhancing qualitative characteristics for relevance/faithful representation? (CUTV)

A
  1. Comparability - Same principles used in similar industry
  2. Understandability - Same accounting methods in different periods
  3. Timeliness - Information is available to a decision maker when it is useful to make the decision
  4. Verifiability - Different sources agree on an amount through direct/indirect verification
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19
Q

Some constraints that override usefulness of information are: (2) (CM)

A
  1. Cost/benefit - Cost of obtaining/presenting information shouldn’t exist benefits
  2. Materiality - Capable of making a difference in the user’s decision-making process if omitted or misstated (auditor’s judgment)
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20
Q

How many statements are in a full set of financial statements? (4) (PECC)

A
  1. Statement of Position (Balance Sheet)
  2. Statement of Earnings Financial & Comprehensive Income (Income Statement)
  3. Statement of Cash Flows
  4. Statement of Changes in Owners’ Equity (Statement of Investments by and Distributions to Owners)
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21
Q

F/S elements must be _____

A

Useful

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22
Q

What are the key elements are in all F/S?

A
  1. Assets
  2. Liabilities
  3. Equity
    1. Investments by owners
    2. Distributions to owners (dividends)
    3. Comprehensive income
      1. Revenues
      2. Expenses
      3. Gains
      4. Losses
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23
Q

What are the 3 basic elements of all F/S?

A
  1. Assets
  2. Liabilities
  3. Equity or Net Assets
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24
Q

An asset is an _____

A

Economic resource with probable future benefit, one can obtain the benefit, and the transaction creating the benefit has already occurred

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25
Q

A Liability is an _____

A

Economic obligation that one needs to use or transfer an asset, it can’t be avoided and the transaction has already occurred

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26
Q

Equity or net assets are _____

A

Assets left over after deducting liabilities

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27
Q

What are the 3 elements of equity? (IDC)

A
  1. Investment by owners (i.e.,
    contributions)
  2. Distribution to owners (i.e., dividends)
  3. Comprehensive income - All changes in equity other than “owner” sources
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28
Q

What are the four elements of a comprehensive income? (REGL)

A
  1. Revenues - Inflows from entity’s primary operations
  2. Expenses - Outflows due to an entity’s primary operations
  3. Gains - Increases in equity from incidental transactions
  4. Losses - Decreases in equity from incidental transactions
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29
Q

Comprehensive income may be separated into what two categories on the income statement? (NO)

A
  1. Net income

2. Other comprehensive income (DENT)

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30
Q

What are some “other comprehensive income?” (DENT)

A
  1. Derivative cash flow hedges
  2. Excess adjustments of Pension PBO and FV of plan assets at year end
  3. Net unrealized gains or losses on “available-for-sale” securities
  4. Translation adjustments for foreign currency
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31
Q

What must be considered to decide what will be included in come?

A

Capital maintenance concept being used

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32
Q

The 2 types of capital maintenance concepts are: (PF)

A
  1. Physical capital maintenance concept - Only recognize an event when an asset is sold or a liability is settled (measures the effects of price changes in nominal or constant dollars)
  2. Financial capital maintenance concept - Recognizes an event as a change in the value of an asset or liability occurs (recognize holding gains and losses - current GAAP)
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33
Q

Current accounting methods emphasize ______ approach with ____ (not adjusted to MV), but emphasize ______ approach with most ______ (generally reported MV).

Why? (2)

A

Physical capital; Fixed assets; Financial capital; Marketable securities

  1. Market values of fixed assets are difficult to verify; adjustments based on management estimates subject to bias
  2. Active market for investment securities provides VERIFIABLE numbers and not subject to bias
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34
Q

What are 8 accounting rules/concepts that go with key elements? (CCCMAFRR)

A
  1. Consistency
  2. Conservatism
  3. Cost/Benefit
  4. Matching
  5. Allocation
  6. Full Disclosure
  7. Recognition
  8. Realization
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35
Q

Consistency is ____

A

Same principle each year

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36
Q

Conservatism is ____

A

Considering all risks inherent in the business (accruing a contingent loss)

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37
Q

Cost/benefit is ______

A

Costs don’t exceed benefits to be derived

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38
Q

Matching is _____

A

Recognizing cost as expense in the same period as the benefit (usually a revenue) is recognized

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39
Q

Allocation is _____

A

Spreading cost over more than one period

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40
Q

Full disclosure is ______

A

Providing all useful info in F/S

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41
Q

Recognition is ______

A

Booking an item in F/S

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42
Q

Realization is ______

A

Converting non-cash resources into cash/claim to cash

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43
Q

When do you recognize elements as valid in a F/S? (DMRR)

A
  1. Meets Definition of an element (asset, liability, etc.)
  2. Measurable in monetary terms
  3. Relevant of making a difference in user decisions
  4. Reliable and verifiable
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44
Q

How are elements measured in monetary terms? (HRFNP)

A
  1. Historical cost - Amount paid
  2. Replacement (current cost) - Cost to replace an item
  3. Fair Value (FV) - Price that would be received to sell an asset or paid to transfer a liability in an orderly transaction at the measurement date
  4. Net Realizable Value (NRV) - Amount expected to be converted into
  5. Present Value (PV)- Discounted cash flows due to time value of money
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45
Q

When is present value of future cash flows is an appropriate means of measuring transactions? (SFAC7)

A

When assets/services are exchanged for future cash

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46
Q

What are the factors for prevent value calculations under SFAC7? (RTIA)

A
  1. Risk - Probability that cash will actually be paid/received
  2. Timing - Periods in which payments are expected to be received
  3. Interest - Interests rates (credit standing) that would be appropriate
  4. Amount of cash flows
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47
Q

What are the two approaches to cash flows? (TE)

A
  1. Traditional - Use most likely cash flow amounts (most likely to collect)
  2. Expected approach - Use weighted average of different possibilities
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48
Q

When measuring liability, one must look at the ____

A

Credit standing of the entity who owes the money

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49
Q

What is an ASC 820? (3)

A
  1. Defines the term “fair value (FV)” for financial reporting purposes
  2. Describes various methods by which fair value can be measured for an asset and for a liability
  3. Indicates disclosures that are required to be provided when items are reported at fair value on the F/S
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50
Q

What items are required to be reported at Fair Value? (MEAID)

A
  1. Marketable debt securities investments that are classified as either trading securities or available-for-sale (AFS) securities
  2. Equity securities investments
  3. Assets/liabilities in a business combination (initially recognized at FV, but NOT adjusted to FV in subsequent periods unless required) (e.g., M&A, consolidations)
  4. Impairment losses
  5. All Derivatives (except for interest rate swaps that are hedges when alternative accounting approach available to non-public entities is elected)
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51
Q

(ASC 820) Fair value is the ____

A

Price that would be received to sell an asset or paid to transfer a liability in an “orderly transaction” between market participants at the measurement date”

  • “Orderly” - Not a forced transaction
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52
Q

“Market participants” are parties that are ____ (IRIV)

A
  1. Independent of the entity
  2. Reasonably knowledgeable about asset/liability
  3. In a position to acquire asset or assume liability
  4. Voluntarily willing to acquire assets or assume liability
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53
Q

It is assumed that a transaction will occur in a _____

A

Principal market in which the asset/liability would most frequently be traded (i.e., value)

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54
Q

If there is no principal market, then values are based on the assumption that transactions would occur in the _____

A

Most advantageous market (i.e., market that maximizes the price)

55
Q

What are the 3 valuation techniques? (MIC)

A
  1. Market approach
  2. Income approach
  3. Cost approach
56
Q

Market approach involves ____

A

Using information generated by market transactions that involve identical/comparable assets or liabilities

57
Q

Income approach involves _____

A

Analyzing future amounts in the form of revenues, cost savings, earnings, or some other item (i.e., present value technique)

58
Q

Cost approach involves _____

A

Measuring the cost that would be incurred to replace the benefit derived from an asset (i.e., cost of acquiring the asset)

59
Q

What are the 3 levels of inputs?

A
  1. Level 1 (Most reliable) - Observable data from actual market transactions
  2. Level 2 - Observable data, but either transactions did not occur in active market or related (not identical) assets/liabilities
  3. Level 3 (Least reliable) - Unobservable data and largely based on management’s judgment
60
Q

What are the 6 steps to Fair Value measurement? (IPVAIC)

A
  1. Identify assets/liability to be measured
  2. Determine principal or most advantageous market (highest & best use)
  3. Determine valuation premise (i.e., more value by use or exchange?)
  4. Determine appropriate valuation technique (i.e., market, income, cost approach)
  5. Obtain inputs for valuation (i.e., which level)
  6. Calculate the fair value of the asset
61
Q

What must disclosures provide F/S users to ensure better information? (VUE)

A
  1. Valuation techniques used to measure the fair value, including judgments and assumptions made
  2. Uncertainty in the fair value measurements as of the reporting date
  3. Effect of changes in fair value measurements on entity performance and cash flows
62
Q

(ASC 820) What are required disclosures for increased consistency and comparability? (ILVD)

A
  1. Identification of items reported at fair value and where they can be found in the F/S
  2. Level of inputs applied
  3. Valuation technique applied (market/income/cost)
  4. Disposition of changes in fair value (income or comprehensive income)
63
Q

ASC 825 allows an entity to ____

A

Elect to report some/all of its financial instruments at their fair values

64
Q

“Financial instrument” is defined as ____

A
  1. Cash
  2. Evidence of ownership interest in an entity (e.g., stock)
  3. Contract that imposes obligations or conveys contractual right to third party
65
Q

What are some items that are measured at fair value, but do not qualify for the “fair value option” election? (PLFS)

A
  1. Pension plan, post-retirement, post-employment benefits
  2. Leases (ASC 842)
  3. Financial instruments that are components of equity
  4. Share-based payments and stock options
66
Q

When fair value option is elected, _______ are reported in ______

A

Unrealized gains and losses; Income

67
Q

ASC 326 specifies the reporting for ____

A

Declines in value of financial assets that result from expected inability of the debtor to make all payments

68
Q

What are the 2 types of assets subject to the recognition of credit losses under ASC 326? (AA)

A
  1. Assets measured at amortized cost

2. Available-for-sale (AFS) debt securities

69
Q

“Amortized cost” is the ____

A

Amount at which a financial asset originates or is acquired, adjusted for accrued interest, accretion, amortization, collections, write-offs, and other accounting adjustments

70
Q

What assets (measured at amortized cost) are subject to the recognition of credit losses? (AFHF)

A
  1. Accounts receivables resulting from recognizing revenue
  2. Financing receivables (contractual right to receive)
  3. Held-to-maturity debt securities
  4. Financial assets addressed in ASC 860
71
Q

“Financing receivables” is defined as _____

A

Contractual right to receive money on demand or on fixed or determinable dates (and recognized in balance sheet)

72
Q

What are some financial assets that are excluded/not subject to credit losses? (FLLLPO)

A
  1. Financial assets measured at fair value
  2. Loans by defined contribution employee benefit plans
  3. Loans of an insurance entity made to the policy owners
  4. Loans/receivables between entities under common control
  5. Promises to give recognized by a non-profit entity
  6. Operating lease receivables
73
Q

“Allowance for Credit Losses” allow ____ to accumulate in a ____

A

Credit losses; Contra-asset account

74
Q

Increases in the allowance are reported in a ______ account

A

Credit Loss Expense

75
Q

Decreases in the allowance are reported in a ______ account

A

Reversal of Credit Loss Expense

76
Q

Pooling assets are financial assets that have _____, and are evaluated for _____

A

Similar risk characteristics; Credit losses on a collective basis

77
Q

What are some methods to evaluate credit losses? (DLRPA)

A
  1. Discounted cash flow
  2. Loss-rate
  3. Roll-rate
  4. Probability-of-default
  5. Aging
78
Q

Discounted cash flow method evaluates ____

A

Losses by determining the present value of expected future cash flows

79
Q

Loss-rate method evaluates ______

A

Losses as a percentage of total exposure

80
Q

Roll-rate method evaluates _____

A

Losses on the basis of time required for the conversion cycle, the period required for instruments to be realized (e.g., using historical trends, credit indicators)

81
Q

Probability-of-default evaluates

A

Losses by multiplying a likelihood that an instruments will be defaulted upon by the balance of the instrument

82
Q

Aging method evaluates

A

Instruments that are stratified and different percentages are applied to each stratum

83
Q

Under discounted cash flow method, expected future receipts are required to be discounted using the _____

A

Effective interest rate of the financial instrument being evaluated

84
Q

Off-balance sheet risk is risk ______

A

Not associated with a financial asset/other items that are reported on the balance sheet

85
Q

Financial assets are required to be written off in the period in which it is determined that they are _____

A

Uncollectible

86
Q

What does PCD stand for?

A

Purchased financial assets with Credit Deterioration

87
Q

In the balance sheet, off-balance-sheet credit risk exposures are to be reported as ________ in the liability section

A

Expected credit losses

88
Q

Under _____ basis of accounting, revenues/expenses are recognized in the period _________

A

Accrual; Earned/Incurred (regardless when paid)

89
Q

When recognizing “expenses,” what are the 3 ways to recognize?

A
  1. Cause and effect (CGS)
  2. Systematic and rational allocation (depreciation)
  3. Immediate recognition (monthly salaries, administrative expenses)
90
Q

“Financial instrument” that both:

  1. Imposes contractual _____ either to deliver/exchange _____ to second entity
  2. Conveys a contractual ____ either to receive/exchange _____
A
  1. Obligation; Cash/financial instruments

2. Right; Cash/financial instrument

91
Q

What are some examples of financial assets/liabilities that qualify for the fair value option?

A
  1. Most investments that do not already require FV measurements (e.g., investments accounted for under the equity method)
  2. Firm commitments involving financial instruments (e.g., forward exchange contracts to purchase foreign currency)
92
Q

ASC 326 is also referred to as _______ Method. It is ______

A

Current Expected Credit Loss (CECL)

Forward-looking (for risks)

93
Q

Under CECL, we estimate _______ over the _____ lifetime

A

Expected credit loss; Entire

94
Q

Some entities reduce exposure to credit losses by using _______, such as requiring a guarantorr.

A

Credit enhancements

95
Q

If the asset is a PCD asset (i.e., more than an ______ amount), it will likely be purchased at a _____ because of the potential for ______.

A

Insignificant; Larger discount; Credit Loss

96
Q

What are 4 types of footnotes in the back of F/S? (SSO)

A
  1. Summary of Significant Accounting Policies (e.g., inventory costing method) - Includes:
    - Basis for consolidation
    - Depreciation methods
    - Amortization of intangibles
    - Recognition of revenue from contracts/leases
  2. Summary of Significant Assumptions - Assumptions used to estimate future amounts
  3. Other Notes to the Financial Statements (e.g., contingent liabilities/obligations, significant changes in account balances)
97
Q

“Monetary” means it is _____ in dollar value

A

Fixed

98
Q

“Monetary” items are: (CABPA)

A
  1. Cash
  2. Accounts/notes receivable
  3. Bond investments held to maturity
  4. Prepaid expenses
  5. Accounts/notes/bonds payable
  6. Bad debt expenses
99
Q

“Non-monetary” items are: (IPIM)

A
  1. Inventory
  2. PPE
  3. Intangible
  4. Marketable securities
100
Q

If there is INFLATION:

  1. Monetary ASSET- Purchasing power _____
  2. Monetary LIABILITY - Purchasing power _____
A

Loss; Gain

101
Q

Under ASC 275, the four areas of disclosure are: (NUCC)

A
  1. Nature of operations - How entity generates revenue (e.g., major products, services, etc.)
  2. Use of estimates (i.e., preparation in accordance with GAAP, frameworks)
  3. Certain significant estimates (disclosure of reasonably possible material changes)
  4. Current vulnerability associated with certain concentrations (i.e., lack of diversification)
102
Q

Many consider IFRS to be ______-based, but GAAP is considered to be more ____-based.

A

Principle/concept; Rule

103
Q

Under IASB, financial information is prepared under the assumption that the entity is a _____.

A

Going concern

104
Q

Under IASB, the 5 elements of financial reporting are:

A

Financial position elements:

  1. Assets
  2. Liabilities
  3. Equity

Performance elements:

  1. Income
  2. Expenses
105
Q

Under IASB, an asset is a _______.

A

Present economic resource.

Economic resource is a right that has the potential to produce economic benefits

106
Q

Under IASB, “Income” includes both ____ and ____

A

Revenues; Gains

Income may be realized or unrealized

107
Q

Under IASB, “Expenses” are ______

A

Decreases in economic benefits during the accounting period. It includes both expenses and losses.

108
Q

________ results from revaluation or restatement of assets/liabilities that cause changes in equity, but not from income or expenses

A

Capital maintenance adjustments

109
Q

(Derecognition) Assets/Liabilities that have been recognized should generally be removed when the entity:

A
  1. Loses control of all or part of an asset

2. No longer has a present obligation for all or part of a liability

110
Q

(Revenue recognition) Under IASB, revenue is recognized from all transactions, including:

A
  1. Sale of goods
  2. Rendering of services
  3. Use of assets to earn interest, royalties, and dividends
111
Q

(Revenue recognition) Revenue is measured at the ___________

A

Fair value of consideration received

112
Q

(Revenue recognition) Revenues from the sale of goods occur when 5 criteria have been met:

A
  1. Significant risks and rewards of ownership transferred
  2. Selling entity does not retain managerial involvement of the asset
  3. Amount can be reliably measured
  4. Economic benefits are likely to flow to the entity
  5. Costs can be reliably measured
113
Q

(Revenue recognition) For transactions involving “rendering of services”, revenue is recognized when:

A
  1. Outcome can be reliably estimated, revenue is recognized based on stage of completion)
  2. Outcome cannot be reliably estimated, revenue is recognized to the extent of recoverable expenses recognized (cost recovery)
114
Q

(Revenue recognition) Revenues from “interest, royalties, and dividends” are recognized as:

A
  1. Interest - Apply the effective interest method
  2. Royalties - Apply accrual basis
  3. Dividends - Recognized when shareholders’ right to receive payment is established
115
Q

Disclosures must include:

A
  1. Accounting policies for revenue recognition
  2. Amount of recognized revenue in each significant category
    • Sale of goods
    • Rendering of services
    • Interest
    • Royalties
    • Dividends
  3. Amount of revenue from exchange of goods/services
116
Q

Cash equivalents must meet the following criteria:

A
  1. Easily convertible into a known amount of cash (highly liquid)
  2. Has an original maturity of 3 months or less from the date of purchase
117
Q

What are items that are EXCLUDED from “cash”? (CPORP)

A
  1. Compensating balances - Legally restricted deposits
  2. Postdated checks or NSF - Considered as “receivables”
  3. Overdraft protection (same bank - net; different banks - no net)
  4. Restricted cash
  5. Postage stamps (prepaid expense as supplies)
118
Q

(GAAP Income Statement) ON-TIDe-N-OC

A
  1. (O) Operating Income
  2. (N) Other Income (Non-operating)
  3. (T) Provision for Income Tax
  4. (I) Income from continuing operations
  5. (De) Discontinued component unit
  6. (N) Net income
  7. (O) OCI, DENT (net of tax)
  8. (C) Comprehensive income
119
Q

(IFRS) An asset is classified as “current” when:

A
  1. Entity expects to realize the asset or to consume or sell it within 12 months of the normal operating cycle, or
  2. Entity holds the asset primarily for the purpose of trading
120
Q

(IFRS) A liability is classified as “current” when:

A
  1. Entity expects the settle the liability within normal operating cycle or 12 months after reporting period
  2. Entity holds the liability for purpose of trading
121
Q

Financial assets are measured at amortized cost ONLY if 2 conditions are met:

** All other financial assets are measured at ____

A
  1. Entity’s business model is to hold the asset to collect scheduled cash flows
  2. Terms of the instrument call for cash flows that are exclusively payments of principal and interest on specified dates

** Fair value

122
Q

Common ratios used to determine the ____________ are:

A

Ability of the company to cover its upcoming bills

  1. Current ratio
  2. Quick (acid test) ratio
123
Q

Current ratio is _________ at the balance sheet date.

A

Current assets / Current liabilities

124
Q

Quick ratio is ________

A

Quick assets / Current liabilities

125
Q

Quick assets are: (CMA)

A
  1. Cash
  2. Marketable securities
  3. Accounts receivable
126
Q

What are the 2 ratios used to measure the “efficient use of inventory”?

A
  1. Inventory turnover ratio

2. Number of days’ sales in average inventory

127
Q

Inventory turnover ratio is calculated by:

A

Cost of sales / Average inventory

128
Q

Number of days’ sales in average inventory is calculated by:

A

Average inventory / Daily cost of sales

129
Q

If the exam doesn’t provide CGS, it must be calculated by:

A

Beginning inventory + Purchases - Ending inventory

130
Q

If “beginning inventory” is not given, then it is calculated by:

A

(Beginning inventory + Ending inventory) / 2

131
Q

What are the 2 ratios to measure the “efficiency of receivables”?

A
  1. Receivables turnover ratio

2. Number of days’ sales in average receivables

132
Q

Receivables turnover ratio is calculated by:

A

Credit sales / Average receivables

133
Q

Number of days’ sales in average receivables is calculated by:

A

Average receivables / Daily credit sales

Roger FAR (3 decks)

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