1. If there are no other positive bank accounts at the same bank, bank overdrafts are generally reported as

	a current asset.
	a contra account.
	a non-current asset.
	a current liability.

2. If receivables are used as collateral in borrowing transactions,

	the transaction would be reported as a sale.
	the receivables will be reported as a liability.
	a liability is reported on the borrower's statement of financial position.
	the receivables generally come under the control of the lender.

3. "Sales Discounts" is reported on the balance sheet as a contra-account.

	True
	False

4. Income tax refunds and HST refunds are considered non-trade receivables.

	True
	False

5. The net realizable value regarding accounts receivable is the amount expected to be paid to vendors.

Question 25 options:

	True
	False