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1.Information about credit quality, amortization cost by credit quality indicator for the prior five years and...

1.Information about credit quality, amortization cost by credit quality indicator for the prior five years and in the aggregate, and the methodology for estimating credit losses must be disclosed for

Multiple Choice

  • all receivables reported at amortized cost

  • only receivables expected to be collected within one year

  • only receivables expected to be collected over a period exceeding one year

  • only interest-bearing notes

2. Bloom Inc. estimates credit losses of $25,000 and $32,500, associated with accounts receivables and notes receivables, respectively. The two credit losses should be reported

Multiple Choice

  • separately by category.

  • in aggregate for both categories.

  • when the specific creditors refuse to pay.

  • as off-sets to the related revenue.

3. Accounts receivables initially are recognized at

Multiple Choice

  • the present value of the related future cash flows.

  • amortized cost.

  • net realizable value.

  • the future value.

4.Which of the following must be disclosed for all categories of receivables?

Multiple Choice

  • Future expected receivables

  • Financing options available for major customers

  • Use of notes receivables to attract new clients

  • Changes in risk factors, policies, or methodologies

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