Scribd Logo
Upload

Welcome to Scribd!

  • Amortized Cost Net Realizable Value Net Realizable Value Of: To The Acquisition

    Uploaded by

    Angela Mae N. Aureo
    2 views1 page
    1. Receivables are financial assets representing a contractual right to receive cash or other assets. They include accounts receivables from sales and notes receivables supported by formal promises to pay. 2. Trade receivables arise from sales, while non-trade receivables come from other sources. Current receivables expected to be collected within a year are classified as current assets. Non-current receivables are classified as non-current assets. 3. Receivables are initially recognized at fair value plus transaction costs and measured at amortized cost, which is the net realizable value or estimated amount expected to be collected.

    Original Description:

    Original Title

    Inventory

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1. Receivables are financial assets representing a contractual right to receive cash or other assets. They include accounts receivables from sales and notes receivables supported by formal promises to pay. 2. Trade receivables arise from sales, while non-trade receivables come from other sources. Current receivables expected to be collected within a year are classified as current assets. Non-current receivables are classified as non-current assets. 3. Receivables are initially recognized at fair value plus transaction costs and measured at amortized cost, which is the net realizable value or estimated amount expected to be collected.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    2 views1 page

    Amortized Cost Net Realizable Value Net Realizable Value Of: To The Acquisition

    Uploaded by

    Angela Mae N. Aureo
    1. Receivables are financial assets representing a contractual right to receive cash or other assets. They include accounts receivables from sales and notes receivables supported by formal promises to pay. 2. Trade receivables arise from sales, while non-trade receivables come from other sources. Current receivables expected to be collected within a year are classified as current assets. Non-current receivables are classified as non-current assets. 3. Receivables are initially recognized at fair value plus transaction costs and measured at amortized cost, which is the net realizable value or estimated amount expected to be collected.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 1

    PROF ELECTIVE 4 Assign 1

    NATURE AND VALUATION OF RECEIVABLES - 1

    RECEIVABLES 1. Financial assets that represent a contractual right to receive cash


    or another financial asset from another entity

    ACCOUNTS RECEIVABLES 2. Nos. 2 and 3: Two classifications of receivables


    NOTES RECEIVABLE 3.

    ACCOUNTS RECEIVABLE 4. Are open accounts arising from the sale of goods and services
    in the ordinary course of business

    NOTES RECEIVABLE 5. Are those which are supported by formal promises to pay in the
    form of notes

    TRADE RECEIVABLES 6. Are claims arising from sale of merchandise or services in the
    ordinary course of business

    NON TRADE RECEIVABLES 7. Are claims arising from sources other than the sale of merchandise
    or services in the ordinary course of business

    LOANS AND RECEIVABLES 8. Receivables results from loan to (bank) customers

    CURRENT ASSETS 9. Trade receivables which are expected to be realized in cash within
    the normal operating cycle or one year, whichever is longer are
    classified as _____________?

    CURRENT ASSETS 10. Non-trade receivables which are expected to be realized in cash
    within one year, notwithstanding the length of the operating cycle
    is classified as __________?

    NONCURRENT ASSETS 11. If such nontrade receivables are collectible beyond one, they are
    classified as __________?

    TRADE AND TRADE RECEIVABLES12. Trade and non-trade receivables which are currently collectible
    shall be presented on the face of the Statement of Financial
    Position as ________________?

    CUSTOMER'S CREDIT BALANCES 13. Therse are credit balance in accounts receivable resulting from
    over-payments, returns and allowances, and advance payment from
    customers

    FAIR VALUE 14. Nos. 14 and 15: A financial asset shall be recognized initially at
    MINUS 15. _____________ plus _____________ that are directly attributable
    to the acquisition

    FACE AMOUNT OR ORIGINAL 16. Accounts receivable shall be measured initially at ____________?
    INVOICE AMOUNT

    AMORTIZED COST 17. After No. 16, accounts receivable shall be measured
    at __________?

    NET REALIZABLE VALUE 18. No. 17 is actually the ____________ of account receivable

    NET REALIZABLE VALUE OF 19. This is the amount of cash expected to be collected or the
    ACCOUNTS RECEIVABLE estimated recoverable amount

    ALLOWANCE FOR DOUBTFULACC20. In estimating No. 19, example of deductions made against an
    ACCOUNTS accounts receivable

    You might also like