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Which receivables from subsidiaries shall be classified as

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Reference no: EM132813381

Problem 1: Receivables from subsidiaries shall be classified as

a. Current assets

b. Noncurrent assets

c. Either as current or noncurrent depending on the expectation of realizing them one year or over one year.

d. Partly current and partly noncurrent

Problem 2: Where the operating cycle extends beyond one year because of normal credit terms as in the case of installment sales of household appliances

a. It is proper to classify the entire receivables as current assets with disclosure of the amount not realizable within one year, if material.

b. The entire receivables are shown as noncurrent assets.

c. The portion due in one year is shown as current and the balance as noncurrent.

d. The receivables are not recognized.

Reference no: EM132813381

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