ACCT 110 Lecture Notes - Lecture 11: Santa Barbara City College, Bank Reconciliation, Impaired Asset
Document Summary
If > one year, report amount and maturity date. Use an allowance account to record impairments (ifrs also requires a. Income statement disclosure of interest income, impairment losses and any reconciliation of changes in the allowance account during the accounting period) reversal of such losses. Securitization or transfer of receivables, whether derecognized or not. Fair value information about loans and receivable. Far less about risk exposure and fair values under aspe. Measures the number of times, on average, receivables are collected during the period. Provides information about the quality of the receivables. Shows how successfully the company collects its outstanding receivables. Compare with prior periods, industry standards, the company"s credit terms, or internal targets. Ensures no omissions have occurred during the month. Should not be completed by the same person who writes cheques or prepares or makes the deposits. Purchase merchandise in a form ready to sell. Unsold units on hand are called merchandise inventory.
