If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?
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- in relation to receivables, an entity is required by PFRSs toa. All of theseb. disclose any receivables pledged as collateralc. classify receivables as current and non-current in the statement of financial positiond. disclose all significant concentration of credit risk arising from receivablesQuestion 13 If you want to group together multiple payments into one deposit, what account should be used when receiving a payment? Uncategorized Asset/Funds to categorize O Checking/Savings Uncategorized Funds/Funds to deposit Undeposited Funds/Payments to depositPrepare the journal entry to reconcile the bank statement in EA7.
- Question 9 consist of noninterest-bearing demand deposits and interest-bearing checking accounts. O Negotiable CDs. O Transaction accounts. O Non-transaction accounts. Savings and time deposits.Short-term notes payable: O Can replace an account payable O Can be issued in return for money borrowed from a bank O Are negotiable O Are an unconditional promise to pay O All of the above DVO48.Which form of receivable financing is equivalent to an absolute sale of accounts receivable? a. Factoring b. Specific assignment of accounts receivable c. General assignment of accounts receivable d. Pledging of accounts receivable
- 3 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 121 02 Foreign Currency Receivables XXX120 02 Foreign Buyer XXXWhich transaction belongs to the journal entry made above?A) Submission of the policy for collection B) Refund record of the policyC) Acceptance record of the policyD) Guarantee record of the policyE) Registration of collection from foreign buyerComplete the follow table to ensure the difference between the three instruments.(According to the hint) Items Draft Promissory note Check Character Unconditional promise Main party 3(Drawer, Drawee, Payee) Principal debtor Drawer Creditor Holder(Payee or Endorsee) Liability of the drawer Guarantee acceptance and payment Identity of the payer Must be a bank Due time At sight and at time Number of bills One15.Which of the following is/are considered as trade receivables?I. Claims from customers for merchandise soldII. Claims from employees representing cash advancesIII. Claims from employees representing selling price of goods sold under normal credit termsIV. Dishonored customer's noteV. Customer's accounts on which post-dated checks are heldVI. Receivables arising from subscription to the company's share capital a. I, II, III and V b. I, III and V c. I, III, IV and V d. I and III
- In which of the following withdrawal of funds by a person from a bank can be made on maturity date as agreed with the bank a. Loans b. Fixed Deposit c. Current deposit d. Saving Depositq11 Which of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Short Term Loans b. Fixed Deposit c. Insurance d. Investment q12 Insurance companies and brokerage houses are examples of which of the following. a. Financial instruments b. Financial institutions c. Medium of exchange d. Financial markets14 - Which of the following transactions is credited?A) WHEN CHARGEDB) PURCHASE OF COMMERCIAL GOODSC) CURRENT REVENUED) IN COLLECTIONE) WHEN THE BANK ACCOUNT INCREASES