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Related Flashcards
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Cards In This Set
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What is a recievable?
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Amounts due from individuals and companies
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Recievables are _____ that expected to be collected in ______
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Claims, cash
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Recievables represent what?
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A companies most liquid asset
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Recievables are sometimes a companies what?
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Largest asset
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What are the factors that affect recievables?
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Industry, time of year, extends long term financing and credit financing and credit policy.
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What is acct recievable?
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Amounts customers owe on acct
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What do accts rec result from?
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Sale of goods and services
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When are accts reciev expected to be collect?
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30-60 days
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What are trade recievables?
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Notes and accounts that result from sales transactions
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What are some other recievables?
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Non trade recievables
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What are some non trade rec?
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Interest rec, loans to co officers, advances to emploees and income taxes refundable
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Do non trade result from operations of business?
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No, because of this they are classified and reported seperately on balance sheet
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When does a mechandiser record a accts rec
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At the point of sale of mech on acct
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What do sales dis do?
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Reduce reciviables
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What are two prob associated with acct rec?
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Valuing and recognizing
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