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1.Differentiate Direct method and Allowance method of recognizing the difference between cost and NRVwhen NRV becomes lower than cost. 2.Give the differences in accounting for
1.Differentiate Direct method and Allowance method of recognizing the difference between cost and NRVwhen NRV becomes lower than cost.
2.Give the differences in accounting for discounting of note without recourse with discounting of note with recourse and explain.
3.Accounting for discounting with recourse can be accounted for as either conditional sale of note receivable or as a secured borrowing.Differentiateconditional sale from secured borrowing.
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