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8 Cards in this Set
- Front
- Back
the realizable value of accounting receivable is |
AR adjusted for uncollectible, sales discount, sales returns. |
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aging of receivables method |
the aging amount is the ending balance |
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factoring of AR without resource |
treat it like true sales, recognize gain and loss |
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factoring of AR with resource |
1. if 3 conditions met, then true sales 2. if not then treat it like a loan.
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Lower of cost or Market US GAAP |
market = median of market ceiling(NRV), market floor and replacement cost |
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Lower of cost or NRV in IFRS |
NRV net selling price less the costs to complete |
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capitalization to fixed asset |
1. additions 2. improvements and replacements |
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repairs should be expense |
but extraordinary repairs should be capitalized |