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Financial Accounting > Chapter 7: Cash and Receivables > Flashcards

Chapter 7: Cash and Receivables Flashcards

1
Q

When is AR recognized?

A

Recognized at the point of delivery.

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2
Q

What is the initial valuation of AR?

A

Recorded at exchange price.

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3
Q

What is the valuation at period end for AR?

A

Reduced to net realizable value by:

  • Allowance for sales returns
  • Allowance for uncollecctible accounts
    • Income statement approach
    • Balance sheet approach
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4
Q

Whate are the types of receivables?

A
  • Trade receivables
  • Non-trade receivables
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5
Q

What are trade discounts?

A
  • Buyer pays less than list price
  • Used to hide actual prices
  • Percentage off the list price
  • Net discount price is recorded
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Financial Accounting (21 decks)

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