Generally Accepted Accounting Principles, Income statement, Balance sheet

CHAP 8 7 QUESTIONS 57. The receivable that is usually evidenced by a formal instrument of credit is a(n) a. trade receivable. b. note receivable. c. accounts receivable. d. income tax receivable. 60. The term receivables refers to a. amounts due from individuals or companies. b. merchandise to be collected from individuals or companies. c. cash to be paid to creditors. d. cash to be paid to debtors. 61. Receivables are a. One of the most liquid assets and thus are always considered current assets. b. Claims that are expected to be collected in cash. c. Shown on the Income Statement at cash realizable value. d. Always the result of revenue recognition. 90. Bad Debts Expense is considered a. an avoidable cost in doing business on a credit basis. b. an internal control weakness. c. a