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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 pay for goods or services.

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