Accounts Receivable- Accounting and Reporting Flashcards
1
Q
What are non-trade receivables?
A
-Receivables arising from non-customer transactions
2
Q
How are receivables valued on the balance sheet?
A
-At net realizable value
3
Q
What are the two methods of accounting for receivables?
A
- Gross method (before cash discount)
- Net method (after cash discount)
