By selling on credit, companies run the risk of not collecting some receivables.

The sales day book total has been undercast by $3,500. What adjustment needs to be made to reconcile the receivables control account to the receivables ledger? A: DR $3,500 to the receivables ledger B: CR $3,500 to the receivables control account C: CR $3,500 to the receivables ledger D: DR $3,500 to the receivables control account

To which of the following is the receivables ledger control account reconciled? A: Aged receivables analysis B: Payables ledger C: Receivables ledger D: Cash book

A company has opening receivables at the start of March of $356,789. 5% of receivables will be written off as irrecoverable debts. Budgeted sales in the month are $875,234 and closing receivables are expected to be $379,365. How much cash is expected to be received from receivables? A: $852,658 B: $834,819 C: $897,810 D: $915,649

The auditor of P Co is planning the audit work on trade receivables.Which of the following procedures could not be performed by using computer-assisted audit techniques? A: Selection of a sample of receivables for confirmation B: Calculation of receivables days C: C Production of receivables' confirmation letters D: Evaluation of the adequacy of the allowance for irrecoverable receivables

Which of the following is NOT the purpose of a receivables control account? A: A receivables control account ensures that there are no errors in the personal ledger. B: A receivables control account help to locate errors in the trial balance. C: A receivables control account provides a check on the arithmetical accuracy of the personal ledger. D: Control accounts deter fraud.

At 30 June 20X5 a company’s allowance for receivables was $39,000. At 30 June 20X6 trade receivables totalled$517,000. It was decided to write off debts totalling $37,000 and to adjust the allowance for receivables to theequivalent of 5% of the trade receivables based on past events.What figure should appear in the income statement for the year ended 30 June 20X6 for receivables expense? A: $61,000 B: $52,000 C: $22,000 D: $37,000

At 30 September 20X2 a company's allowance for receivables amounted to $38,000, which was five per cent of the receivables at that date.At 30 September 20X3 receivables totalled $868,500. It was decided to write off $28,500 of debts as irrecoverable and to keep the allowance for receivables at five per cent of receivables.What should be the charge in the statement of profit or loss for the year ended 30 September 20X3 for receivables expense? A: $42,000 B: $33,925 C: $70,500 D: $32,500

Which one of the following is not the purpose of a receivables ledger control account? A: A receivables ledger control account provides a check on the arithmetical accuracy of the personal ledger. B: A receivables ledger control account helps to locate errors in the trial balance. C: A receivables ledger control account ensures that there are no errors in the personal ledger. D: Control accounts help deter fraud

The difference between the parent company's "Other Receivables"<br/>ending amount less the "Other Receivables" ending amount in<br/>the consolidated statement is other receivables for ( ). A: subsidiary B: the parent company C: Brother Company D: A or B or C