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1 one key aspect to increased relevance of the financial statements under internatio 4300637

 

1) One key aspect to increased relevance of the financial statements under international financial reporting standards (IFRS) is to have more accounts reported at fair value as opposed to historical cost.

 

2) The balance sheet reports accounts receivable at:

A) lower-of-cost-or-market.

B) historical cost.

C) fair value.

D) market value.

Match the following.

 

A) trade receivables

B) accounts receivable

 

3) The IFRS account name for amounts owing from customers

 

 

4) With respect to accounts receivable, Canadian standards are said to be converged with international financial reporting standards (IFRS). Justify this statement.

 

 

1) The practice of selling a note receivable before maturity is called dishonouring the note.

2) Monroe company holds a $20,000, 10% 120 day note receivable from INX Ltd. Prior to maturity, Monroe discounts the note and sells it for proceeds of $20,500. The journal entry to record the discounting of the note would include:

A) debit to interest expense of $500.

B) credit to interest revenue of $500.

C) debit to notes receivable of $20,000.

D) credit to notes receivable of $20,500.

 

 

 

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