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3 Cards in this Set
- Front
- Back
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2 AR Methods & their descriptions |
1. Gross - records receivables at invoice amount ***must have year-end adjusting entries
2. Net - records receivables assuming discount is taken |
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GAAP vs. IFRS AR Method differences |
IFRS defines revenue from a BS point of view -based on inflow of economic benefits during ordinary course of business -AR is recognized if firm sales commitment and (logical) recognition criteria are met |
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Formula for ending allowance for da |
beg allow + uncollectible expense - writeoffs + recoveries = ending allowance balance |
