An Aging Schedule That Shows Only the Percentage of Receivables

question 12

Multiple Choice

An aging schedule that shows only the percentage of receivables for 0-30 days,31-60 days,61-90 days,and over 90 days is referred to as a/an

• A) Macro-aging schedule
• B) Micro-aging schedule
• C) Current-aging schedule
• D) Future-aging schedule

---

Definitions:

AASB 141

An accounting standard regarding agriculture under the Australian Accounting Standards Board that guides the accounting for agricultural activity.

AASB 141

Refers to the Australian Accounting Standard on Agriculture, guiding on the accounting for agricultural activity including the recognition and measuring of biological assets.

Biological Assets

Living plants or animals that are used in agricultural activities from which agricultural produce is harvested, accounted for under specific accounting standards.

Fair Value

An estimate of the price at which an asset or liability could be exchanged in a current transaction between willing parties.