If the transferor of receivables surrenders control over them, the transaction involving receivables is treated as a sale, and any gain or loss is recognized in earnings. Select one: O True False
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- When does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?Receivables are amounts due from others that arise from the sale of goods or services. Select one: True FalsePlease see attached image. In the question, the unilateral transfer is stated as a debit, but in the calculation for the answer, it is calculated as a credit(Gain). Why?
- When should the transfer of receivables be recorded as a sale?When should a transfer of receivables be recorded as a sale? A) The buyer surrenders controlof the receivables to the seller. B) The transferor maintains effective control over the transferred assets through an agreement to repurchase or redeeem them prior to their maturity. C) The transferee cannot pledge or exchange the transferred assets. D) The transferred asstes are isolated from the transferor.The practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.
- Which of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivableWhich of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept Ob. Realization concept Oc Matching concept Od. Disclosure conceptWhen assets are purchased under an installment sales contract, the seller becomes the creditor. True or False?
- Statement I. In the case of premiums as a component of transaction price, cash received from customer during the redemption of premiums shall be accounted as deduction from the cost of premiums.Statement II. The transaction price for the sale of the product with premium is recorded as a liability for the performance obligation that will be settled by the transfer of the promised premium. A. Both statements are true. B. Both statements are false. C. statement I is true; Statement II is false. D. Statement I is false; Statement II is true.Explain the difference between pooling of interest and purchase method of accounting foramalgamations.When is the financial components approach to recordingthe transfers of receivables used? When should a transferof receivables be recorded as a sale?