Receivables (Prelim) Flashcards
It is any legitimate claim from other’s money, goods or services
Receivables
These are receivables which are the result of the normal operating undertakings of firm
Trade receivables
These are receivables which considered as residual receivables
Non-trade receivables
It is a collective term used to report receivables and can be collected within the normal operating cycle of the business
Current receivables
It is a collective term that are collectible beyond one year
Non-current receivables
It is the amount of consideration that the company expects to receive from a costumer in exchange for transferring good or services
Transaction price
These are variable considerations which are commonly quoted in percentages
Trade discounts
These are variable considerations which are commonly quoted in percentages
Trade discounts
These are variable considerations which relate to a reduction in receivables caused by detective merchandise
Sales returns and allowances
A contra asset account to accounts receivable
Allowance for sales returns and allowances
It is the net amount the company expects to receive in cash
Net realizable value
