Accounting_202_Chapter_9_Test

Accounting_202_Chapter_9_Test - ACCOUNTING 202 CHAPTER 9...

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ACCOUNTING 202 CHAPTER 9 TRUE-FALSE STATEMENTS 1. Trade receivables occur when two companies trade or exchange notes receivables. 2. Other receivables include nontrade receivables such as loans to company officers. 3. Both accounts receivable and notes receivable represent claims that are expected to be collected in cash. 4. Receivables are valued and reported in the balance sheet at their gross amount less any sales returns and allowances and less any cash discounts. 5. The three primary accounting problems with accounts receivable are: (1) recognizing, (2) depreciating, and (3) disposing Multiple Choice Questions 6. Which of the following receivables would not be classified as an "other receivable"? a. Advance to an employee b. Refundable income tax c. Notes receivable d. Interest receivable
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