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Which of the following statements is incorrect regarding receivables? a. Receivables are a financial asset b. Nontrade receivables are generally reported as separate items in

Which of the following statements is incorrect regarding receivables?

Receivables are a financial asset

Nontrade receivables are generally reported as separate items in the statement of financial position.

Receivables are financial instruments.

Accounts receivable are written promises of the purchaser to

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