0
What condition must be met for a transfer of receivable to be accounted for as a sale in accounting term derecognized?
Wiki User
∙ 12y ago
a. Conditions must be met for a transfer of receivables to be accounted for as a sale: Three conditions are transferor surrenders control of the future economic benefits of the receivables, transferor's obligation under the recourse provision can be reasonably estimated, and the transferee can require the transferor to repurchase the receivables.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is the Journal entry for a customer returning merchandise delivered in poor condition?
[Debit] Sales returns [Credit] Accounts receivable
What do you mean by inflation account?
As in accounting inflation is the rise in price of any goods or commodity, which helps accounting to persue the relevant terms & condition according to the market condition.
The sole purpose of accounting is to help managers evaluate the financial condition of the firm so that they may make better decisions?
true
What is the need of management accounting in a business?
management accounting is needed to know the financial condition of the business .it reports to those inside the organisation for planning ,directing,motivating,controlling and performance evaluation. it gives special emphasis on decision affecting the future.
Basic function of accounting?
to keep a set of books for business with an information system that provides reports to users about the economic activities and condition of a business.
What is the Journal entry for a customer returning merchandise delivered in poor condition?
[Debit] Sales returns [Credit] Accounts receivable
Accounting information users need reports about the economic activities and condition of businesses?
yes
What do you mean by inflation account?
As in accounting inflation is the rise in price of any goods or commodity, which helps accounting to persue the relevant terms & condition according to the market condition.
Is it correct to say when an accounting position arise?
No, the subjunctive is not required because "when" does not introduce a contrary-to-fact condition.
What political condition accounted for increase power of the parliament in England?
Beginning with the Magna Carta, signed by King John at Runnymeade in 1215, Parliament began to use its legislative powers.
What is balan sheet?
A balance sheet is something used in the accounting side of a business. It is essentially a snapshot of the company's financial condition.
The sole purpose of accounting is to help managers evaluate the financial condition of the firm so that they may make better decisions?
true
What is the need of management accounting in a business?
management accounting is needed to know the financial condition of the business .it reports to those inside the organisation for planning ,directing,motivating,controlling and performance evaluation. it gives special emphasis on decision affecting the future.
Basic function of accounting?
to keep a set of books for business with an information system that provides reports to users about the economic activities and condition of a business.
What does arm's length mean?
In accounting, these are transactions which are accepted by both parties (e.g. buyer and seller) without the need of another agreement or condition.
If the chain of custody is broken and confiscated drugs can not be accounted for for a few hrs or days are they still able to use those drugs as evidence in the courtroom?
It makes a perfect reason for the defense attorney to appeal their introduction into evidence, HOWEVER - many more particulars of the incident need to be known. MUCH depends on the circumstances of WHY they could not be accounted for - WHERE they were located - HOW were they located - WHAT condition were they in when they were located- ETC.
Is the adequate disclosure accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition?
yes, yes it is
