Disclosure, Fair Value Option, and Impairment:
Impairment:
Regardless, companies must evaluate the fair values of notes for _____ periodically,
regardless of whether they exercise the fair value option. If impaired the note is _____
_____.
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Impairment; Written Down
_____ Method: ignores the discount upon sale but considers it when payment is made.
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Gross
,Percentage of Sales:
Sales x % of Expected Uncollectable Sales = _____
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Bad Debt Expense
_____ _____: Informal credit arrangements for customers who buy goods and services.
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Accounts Receivable
Additional Cash Terms:
Commercial Paper can be a _____ _____ or _____ _____ _____depending on maturity.
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Cash Equivalent; Short-Term Investment
U.S. versus International GAAP related to Cash and Receivables:
iGAAP and U.S. GAAP differ int he criteria used to _____ a receivable. Specifically, "_____"
can be "reversed" in iGAAP, but not under current U.S. GAAP.
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, De-recognize; Impairment
Notes receivable - determination of rate/value:
In a bargained transaction entered into at arm's length, the stated interest rate is
presumed to be fair unless:
1) _____ interest rate is stated.
2) Stated interest rate is _____.
3) Face amount of the note is _____ from the current cash sales price.
If any of these are violated, we must determine the _____ rate.
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No; Unreasonable; Different; Implicit
Note that both approaches _____ revenue and expenses and adjust the _____ of reported
receivables.
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Match; NRV
_____: party to whom amount is owed/party to whom note is issued.
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Payee
Impairment:
Regardless, companies must evaluate the fair values of notes for _____ periodically,
regardless of whether they exercise the fair value option. If impaired the note is _____
_____.
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Impairment; Written Down
_____ Method: ignores the discount upon sale but considers it when payment is made.
Give this one a try later!
Gross
,Percentage of Sales:
Sales x % of Expected Uncollectable Sales = _____
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Bad Debt Expense
_____ _____: Informal credit arrangements for customers who buy goods and services.
Give this one a try later!
Accounts Receivable
Additional Cash Terms:
Commercial Paper can be a _____ _____ or _____ _____ _____depending on maturity.
Give this one a try later!
Cash Equivalent; Short-Term Investment
U.S. versus International GAAP related to Cash and Receivables:
iGAAP and U.S. GAAP differ int he criteria used to _____ a receivable. Specifically, "_____"
can be "reversed" in iGAAP, but not under current U.S. GAAP.
Give this one a try later!
, De-recognize; Impairment
Notes receivable - determination of rate/value:
In a bargained transaction entered into at arm's length, the stated interest rate is
presumed to be fair unless:
1) _____ interest rate is stated.
2) Stated interest rate is _____.
3) Face amount of the note is _____ from the current cash sales price.
If any of these are violated, we must determine the _____ rate.
Give this one a try later!
No; Unreasonable; Different; Implicit
Note that both approaches _____ revenue and expenses and adjust the _____ of reported
receivables.
Give this one a try later!
Match; NRV
_____: party to whom amount is owed/party to whom note is issued.
Give this one a try later!
Payee
