Question
1.Consistent with ASC topic 326, expected credit losses are recognized as Multiple Choice a reduction of the related revenue. an addition to cost of goods
1.Consistent with ASC topic 326, expected credit losses are recognized as
Multiple Choice
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a reduction of the related revenue.
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an addition to cost of goods sold.
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an aggregated expense.
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a separately reported loss.
2. Donau Inc. performs services with a normal contract price of $265,000 for a new customer. The customer signs a non-interest bearing note of $300,000. The differences between the normal contract price and the face amount of the note is considered
Multiple Choice
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a sales discount.
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a credit allowance.
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imputed interest.
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additional service revenue.
3. Which of the following must be disclosed for all categories of receivables?
Multiple Choice
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Future expected receivables
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Financing options available for major customers
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Use of notes receivables to attract new clients
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Changes in risk factors, policies, or methodologies
4. Consistent with IFRS No. 7, the fair value must be disclosed for receivables and loans with the following characteristics:
Multiple Choice
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short-term maturity
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long-term maturity
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recognized at amortized cost
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All of these choices are correct
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