CHAPTER 4- INTERMEDIATE ACCOUNTING

Anndrea S. Galupo · 22問 · 1年前

通報

問題一覧

These are assets that represent contractual rights to receive cash or other asset from another entity.

RECEIVABLES

Receivables supported by oral or informal promises to pay. These are not supported by formal promissory notes.

ACCOUNTS RECEIVABLE

Receivablesnsupported by written or formal promises to pay in the form of promissory notes. Some of this are supported by postdated checks.

NOTES RECEIVABLE

Receivables arising from loans extended by financial institutions, such as banks, financing companies, and lending institutions. These are also supported by promissory notes and are generally backed by collateral securities or postdated checks.

LOAN RECEIVABLE

Receivables arising from advances to officers and employees, advances to suppliers, and advances to affiliates.

ADVANCES

Receivables arising from income earned but bot yet collected, such as interest income, dividend income, and the like.

ACCRUED INCOME

Receivables from reimbursable deposits paid to cover potential damages or lossws, deposits for guarantee of performance or payment, and deposits for returnable items.

DEPOSITS

Receivables from insurance companies for casualties sustained, defendants under suit, government, agencies for refundable taxes and other remittances, common carriers for damaged or lost goods, and suppliers for returned or damaged goods.

CLAIMS RECEIVABLE

These are receivables arising from the sale of goods or services in the ordinary course of business. They include trade account receivables and trade notes receivables.

TRADE RECEIVABLES

These are receivables arising from other sources.

NON-TRADE RECEIVABLES

Receivables are initially recognized at ___ _____ ____ ___________ _____.

FAIR VALUE PLUS TRANSACTION COSTS

Trade receivables that do not have a significant financing component are measure at their _______ in accordance with PFRS 15 Revenue from Contracts with Customers.

TRANSACTION PRICE

It is the amount of consideration to which an entity expects to be entitled in exchange for tranferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

TRANSACTION PRICE

Trade receivable is recognized when the entity has right to consideration that is ______.

UNCONDITIONAL

These are considerer when determining the timing of transfer of control over the goods sold.

TERMS OF A SALE CONTRACT

Under this, ownership over the goods sold is transferred to the buyer upon shipment. Accordingly, sales and account receivable are recognized on shipment date.

FOB SHIPPING POINT

Under this, ownership ia transferred only when the buyer receives the goods. Accordingly, sales and accounts receivable are recognized when the buyer receives the goods.

FOB DESTINATION

It means the freight is already paid in advance by the seller before shipment. Thus, freight is actually paid by the seller but this does not mean that the seller is the one who is supposed to pay for the freight charges.

FREIGHT PREPAID

It means that the freight is not yet paid upon shipment. The carrier will collect the shipping costs from the buyer upon delivery. Thus, freight is actually paid by the buyer but this does not mean that the buyer is the one who is supposed to pay for the freight charges.

FREIGHT COLLECT

These are given to encourage orders in large quantities or to avoid frequent charges in catalogs, to alter prices for different quantites purchased, or to hide the true invoice price from competitors.

TRADE DISCOUNTS

These are given to encourage prompt payment.

CASH DISCOUNTS

What are the 2 accounting treatment for cash discounts?

PFRS 15, TRADITIONAL GAAP

When the consideration includes a variable amount , the entity is required to estimate the amount to which it expects to be entitled in exchange for transferring the promised good or service.

PFRS 15

Under this, cash discounts are accounted for using either the gross method or net method.

TRADITIONAL GAAP

Under this method, accounts receivable and sales are initially recorded at amounts gross of cash discounts.

GROSS METHOD

Under this method, accounts receivable and sales are initially recorded at amounts net of cash discounts.

NET METHOD

Accounts receivable are subsequently measured at ____________.

RECOVERABLE HISTORICAL COST

It represents the amount of cash expected to be recovered from the contractual cash flows of the receivable.

RECOVERABLE HISTORICAL COST

When discounts are made available to customers, the amount of consideration may not be wholly recoverable when it is probable that customers will avail of the cash discounts in the future.

SALES DISCOUNT

What are the 2 methods of accounting for bad debts?

ALLOWANCE METHOD, DIRECT WRITE-OFF METHOD

As the name implies, an allowance is recognized for bad debts expense when the collectability of accounts becomes doubtful or questionable.

ALLOWANCE METHOD

As the name implies, bad debts expense is directly written-off from the balance of accoutns receivable only when the accounts are deemed worthless.

DIRECT WRITE-OFF METHOD

What are the three methods of estimating doubtful accounts?

PERCENTAGE OF NET CREDIT SALES, PERCENTAGE OF RECEIVABLES, AGING OF RECEIVABLES

Under this method, bad debt expense is computed by applying a percentage on the net credit sales during the period. The bad debt expense is computed without regard to the beginning balance of the allowance for doubtful accounts and write-offs and recoveries recorded during the year.

PERCENTAGE OF CREDIT SALES

Under this method, the required balance of allowance for doubtful accounts is computed by applying a percentage on the ending balance of the receivables. The difference between the required balance and the unadjusted carrying amount of the allowance for doubtful accounts represents the bad debts expense for the period.

PERCENTAGE OF RECEIVABLE

This methodnis a variation of the percentage of receivables methods. However, the reauired balance of allowance for doubtful accourts is computed by applying various estimated percentages to the breakdown of the ending receivable according to ages.

AGING OF RECEIVABLES

Receivables denominated in foreign currency, such as those arising from foreign currency denominated transactions, are initially translated at the _______.

EXCHANGE RATE AT THE DATE OF TRANSACTION

Subsequently, the receivables are translated at the (foreign currency) ___________.

EXCHANGE RATE AT THE END OF THE REPORTING PERIOD

It refers to the risk that the carrying amount of a recognized asset will not be recovered.

RISK OF ACCOUNTING LOSS

It refers to potential loss that may exceed the amount recognized as an asset.

OFF-BALANCE-SHEET RISK

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