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What is the treatment of direct origination costs incurred

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Reference no: EM132778262

Problem 1: When accounts receivable is factored:

A. A/R should be credited

B. payable to factor is credited

C. a contingent liability is ordinarily created

D. the factoring is accounted for as a borrowing

Problem 2: What is the treatment of direct origination costs incurred in connection with loans receivables?

A. charged directly to retained earnings

B. included in profit or loss

C. part of the initial carrying amount of loan receivable and amortized using the effective interest method

D. part of the initial carrying amount of loan receivable and amortized using the straight line method

Reference no: EM132778262

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