multiple choice

4. Receivables denominated in a foreign currency should be Translated to local currency using the exchange rate se recognition b. Shown at face value of the foreign currency Translated to local currency using the exchange rate and d. Translated to local currency using the exchange rate when statements are authorized for issue 5. Which valuation allowance is a proper deduction from trade account in arriving at estimated realizable value? a. Allowance for doubtful accounts b. Allowance for trade discount Allowance for cash discount d. Allowance for freight charge 6. Trade receivables are classified as current assets when they are me expected to be collected 2. Within one year b. Within the normal operating syde c Within one year or within the normal operating cycle whichever is store d. Within one year or within the normal operating cycle whichever is long 7. Nontrade receivables are classified as current assets only if they are ressent expected to be realized in cash a Within one year or normal operating cycle, whichever is shorter b. Within the normal operating cycle Within one year or the normal operating cycie, whichever is longer d. Within one year, the length of the operating cycle notwithstanding 8. Which is true concerning the statement of financial position presentaties receivables? 2. Trade receivables and nontrade receivables are shown separately b. Nontrade receivables are presented as noncurrent assets c Trade accounts receivable and trade notes should be presented separately d. Trade receivables and nontrade receivables, which are currently collectible shall be presented as one line item called "trade and other receivables Doc Approach to Frencial Accounting