An accounting issue for accounts receivable is the timing of recognition of the reduction in income caused by the uncollectibility of some accounts. With regard to timing, both U.S. GAAP and IFRS require that a seller recognize an expense for estimated uncollectible accounts receivable in the _____
a. period when it recognizes the accounts receivable is uncollectable
b. period after it recognizes the related revenue
c. same period when it recognizes the related revenue
d. period before it recognizes the related revenue
e. period after it recognizes the accounts receivable is uncollectable
C
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A blueprint usually lists the headings that are coming up
a. true b. false
Individual judgment is ______in its ability to be rational because decision-makers often must deal with incomplete information about the problem, the decision criteria, and even their own preferences.
A. bounded B. unbounded C. weighted D. satisficed
Port cities in California imposed a property tax on cargo containers used by Japanese ships for loading and unloading cargo. The Supreme Court held the tax:
a. constitutional because it was on foreign-owned property b. constitutional because it was imposed the same on all containers, regardless of ownership c. unconstitutional interference with foreign trade d. unconstitutional interference with the exclusive federal taxing power e. none of the other choices
Sales at Discus Associates increased 21% this year compared to last year. If sales this year were $200,255, what were the sales last year?
A) $165,500 B) $42,054 C) $158,201 D) $34,755