FAR THEORIES Flashcards
1
Q
The bank overdraft is not netted against the CIB but classified as CL
A
True
2
Q
Customers Credit Balances are not netted against A/R but should be classified as
A
CL
3
Q
Debit balances in suppliers account are not netted against A/P but should be reported as
A
CA
4
Q
The bonds in bond sinking fund is considered
A
CL
5
Q
Bond Sinking Fund is considered as
A
CA
6
Q
An obligation that matures in 1 Year from the end of reporting period is classified as NC if its refinanced on a long term basis on or before the end of reporting period
A
True
