Net highlightsdiscountstakenvsnet net net method

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Unformatted text preview: Receivables Cash Discounts Cash Discounts Inducements for prompt payment (“cash Inducements for prompt payment (“cash is king”) is king”) Gross Method (most common, Gross Method ((most common, most common, Gross Gross (most common, highlights discounts taken) vs. Net highlights discounts taken) vs. Net Net Net Method (rarely used, highlights rarely used, highlights Method ((rarely used, highlights (rarely used, highlights discounts forfeited…GOOFY discounts forfeited…GOOFY STUFF!) STUFF!) Chapter 7-13 Payment terms are 2/10, n/30 LO 4 Explain accounting issues related to recognition of accounts receivable. Recognition of Accounts Receivables Recognition of Accounts Receivables Cash Discounts (Sales Discounts) Illustration 7-4 Chapter 7-14 LO 4 Explain accounting issues related to recognition of accounts receivable. ecognition of Accounts Receivables ecognition of Accounts Receivables Non-Recognition of Interest Element A company SHOULD measure receivables at net present value...
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This note was uploaded on 01/29/2013 for the course ACC 223 taught by Professor Staff during the Fall '12 term at Niagara University.

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