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Explain the initial measurement of receivables

Assignment Help Accounting Basics
Reference no: EM132890388

Questions - Activity - Accounting for Accounts Receivable & Notes Receivable

Q1. Define receivables & explain its the classification in the statement of financial position.

Q2. Explain the initial measurement of receivables.

Q3. Briefly explain the following:

a. FOB Destination

b. FOB Shipping point

c. Freight collect

d. Freight prepaid

Q4. Explain the two methods of recording account receivables and credit sales and the PFRS 15 application.

Q5. What are the two methods of accounting for bad debts? Which is in accordance with GAAP?

Q6. Explain the three methods of estimating doubtful accounts.

Q7. Explain the initial measurement of,

a. short-term notes receivable

b. interest bearing long-term notes

c. noninterest bearing note receivable

d. interest bearing below market rate long-term notes

Q8. What is the meaning of "present value" of notes receivable?

Q9. Explain the computation of present value of long-term notes receivable.

Reference no: EM132890388

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