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Anarel [89]
2 years ago
13

Differentiate accounts receivable from notes receivable.

Business
1 answer:
maria [59]2 years ago
7 0

Notes receivable are backed by a promissory note, carry interest, and have periods that can occasionally go beyond a whole business cycle. While notes receivable can be either short-term, long-term, or both depending on the repayment plan, accounts receivable are short-term current assets.

The money that clients owe your business for goods or services for which invoices have been issued is known as accounts receivable. On the balance sheet, current assets are listed as the total amount of all accounts receivable, which includes bills from clients for goods or services provided to them on credit.

Accounts receivable are a debit on a trial balance until the client pays. Once the customer has paid, you will debit your cash account and credit accounts receivable because the funds are now in your bank and are no longer owing to you. On your trial balance, the concluding balance of accounts receivable is typically a debit.

Learn more about accounts receivable here

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Answer:

True

Explanation:

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5 0
3 years ago
Match each term on the left with the best definition on the right. Note: Not all definitions will be used. A detailed record of
Masteriza [31]

Answer:

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7 0
2 years ago
A cost incurred in the past that is not relevant to any current decision is classified as a(n): incremental cost. opportunity co
melamori03 [73]

Answer:

sunk cost.

Explanation:

Sunk cost can be defined as a cost or an amount of money that has been spent on something in the past and as such cannot be recovered. Thus, because a sunk cost has been incurred by an individual or organization it can't be recovered and as such it is irrelevant in the decision-making process such as investments, projects etc.

Basically, sunk costs are referred to as fixed costs.

Sunk costs are the opposite of relevant costs because they can't be changed or recovered, as they've been spent or contracted in the past already. Hence, relevant cost are relevant for decision-making purposes but not sunk costs.

Hence, a cost incurred in the past that is not relevant to any current decision is classified as a sunk cost.

For example, ABC investors decide to acquire land and develop residential houses at a location X. This decision is informed on the fact that the government had recently enacted a policy that led to an increase in demand for residential properties in that location. 6 months into construction of the residential houses, the government reviews and rescinds the policy. This leads to a sharp decline in property values in location X. ABC investors had already incurred 10 million dollars in the project. The 10 million dollars is considered sunk cost.

6 0
3 years ago
Which of the following arguments is used in support of undertaking passive​ policymaking?
mash [69]
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3 0
3 years ago
Bulldog, Inc. has budgeted sales for the first quarter of the next year to be 30 comma 000 units. The inventory on hand at the b
Nadya [2.5K]

Answer:

30,000 units

Explanation:

Budgeted sales is 30,000 units

Beginning inventory = 5000 units

Ending inventory = 5000 units

In order to meet the sales of 30,000 units, the sum of budgeted production and beginning inventory must be at least 30,000 units. However, since the company desires to have 5000 units in ending inventory, this sum must be raised to 35,000 units, which means the production needs to 30,000 units

--> Budgeted production = 30,000 + 5000 - 5000

                                         = 30,000 units

6 0
3 years ago
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