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Lecture "International accounting - Chapter 7: Receivables" has content: Receivables - An introduction, accounting for uncollectible, the allowance method, the direct write off method, the direct write off method, notes receivable, using accounting information for decision making. | International Financial Accounting Chapter 7: RECEIVABLES International Financial Accounting Chapter 7: RECEIVABLES MA. Nguyen Quoc Nhat Learning Objectives Chapter’s content Define and explain common types of receivables and review internal controls for receivables Use the allowance method to account for Uncollectible Understand the direct write-off method for Uncollectible Account for notes receivable Report receivables on the balance sheet and evaluate a company using the acid-test ratio, days’ sales in receivables, and the accounts receivable turnover ratio 7.1 Receivables: An Introduction 7.1 Receivables: An Introduction You have a receivable when you sell goods or services to another party on credit. You also have a receivable when you loan money to another party. So a receivable is the right to receive cash in the future from a current transaction. It is something the business owns; therefore, it is an asset. Each receivable transaction involves two parties: ● The creditor, who will collect cash from the customer. ● The debtor, who takes on an obligation/payable (a liability). The debtor will pay cash later. RECEIVABLES 7.1 Receivables: An Introduction 7.2 Accounting for Uncollectible (Bad Debts) 7.3 The Allowance Method 7.4 The Direct Write-Off Method 7.5 Credit-Card and Debit-Card Sales 7.6 Notes Receivable 7.7 Using Accounting Information for Decision Making 5 MA. NguyenQuocNhat –nhatnq.faa@gmail.com Types of Receivables The two major types of receivables are ● accounts receivable, and ● notes receivable. RECEIVABLES 6 1 International Financial Accounting Chapter 7: RECEIVABLES 7.1 Receivables: An Introduction 7.1 Receivables: An Introduction Accounts receivable, also called trade receivables, are amounts to be collected from customers from sales made on credit. Accounts receivable serves as a control account because it summarizes the total of all the individual customer receivables. 7 RECEIVABLES 7.1 Receivables: An .
