40)Which issue will the IASB and FASB continue to resolve as they work toward convergence?
41)What approach does IFRS require when testing whether the value of loans and receivable are impaired?
42)Which of the following is the value at which loans and receivables should be reported under IFRS?
43)Factoring is the process of:
44)Kerrison Company sold $6,000 of merchandise to customers who charged their purchases with a bank credit card. Kerrison's bank charges it a 4% fee. Which one of the following is part of the journal entry to record the credit card sales?
45)Which of the following accounts is debited when a company factors its accounts receivable?
46)Which one of the following isnota method used by companies to accelerate cash receipts?
47)Good Stuff Retailers accepted $50,000 of Citibank Visa credit card charges formerchandise sold on July 1. Citibank charges 4% for its credit card use. Whichof the following is/are the debit entry(ies) required to record this transaction by Good Stuff Retailers?
48)Net credit sales are $800,000, average net receivables total $150,000, average inventory totals $200,000, and the allowance for doubtful accounts totals $8,000. How much is the average collection period?
49)Prall Corporation sells its goods on terms of 2/10, n/30. It has a receivables turnover ratio of 7.00. What is its average collection period (days)?
50)Eddy Corporation had net credit sales during the year of $800,000 and cost of goods sold of $500,000. The balance in receivables at the beginning of the year was $100,000 and at the end of the year was $150,000. How much is theaccounts receivables turnover?