Quiz 8: Receivables

Business

If at the time of giving a depository account/ loan to a customer the bank informs about the way the interest shall be calculated ( 365/360 method ) then the situation mentioned here shall not be considered unethical. However, if the method of calculation is not specified to customers beforehand, then this shall amount to an unethical practice. A customer can file a suit and recover damages in such a scenario.

The three classifications of receivables are; accounts receivable, notes receivable, and other receivables.

Boeing who is one of the world's major aerospace firms had $2,788, millions of receivables involving US government contracts and $903 million of receivables involving commercial customers. Ledgers of both the receivables will be prepared separately as Account Receivable-Debtor Name and in balance sheet both will be shown under Head accounts Receivable. Separate Schedule will be prepared for the accounts receivable where details of all customers will be mentioned.

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