Chapter_7_Cash_And_Receivables_Summary_by_Objective

Chapter_7_Cash_And_Receivables_Summary_by_Objective -...

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Chapter 7: Cash and Receivables Summary by Study Objective Objective 1: Identify items considered cash. List items considered as cash. Objective 2: Indicate how to report cash and related items. What is required for an item to be considered a cash-equivalent? Give examples of restricted cash. How should a company report a bank overdraft? Objective 3: Define receivables and identify the different types of receivables. Define a receivable. Distinguish between accounts receivable and notes receivable. List some examples of nontrade receivables. Objective 4: Explain accounting issues related to recognition of accounts receivable. How are trade discounts stated? Why do companies use them? How are sales discounts stated? Why do companies use them? 1
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What are the two methods of recording sales discounts? How does a company using the gross method report Sales Discounts? How does a company using the net method report Sales Discounts Forfeited? Objective 5: Explain accounting issues related to valuation of accounts receivable.
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This note was uploaded on 02/12/2012 for the course ACCT 3001 taught by Professor Moffitt during the Spring '08 term at LSU.

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Chapter_7_Cash_And_Receivables_Summary_by_Objective -...

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