Which of the Following Statements Is Correct Regarding Receivables

question 72

Multiple Choice

Which of the following statements is correct regarding receivables?

• A) Receivables are written promises of the purchaser to pay for goods or services.
• B) Receivables are claims held against customers and others for money, goods, or services.
• C) Receivables are non-financial assets.
• D) Receivables that are expected to be collected within a year are classified as noncurrent.

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Definitions:

Test Statistic

A calculated value from sample data used to decide whether to reject the null hypothesis in statistical hypothesis testing.

Significant Change

An alteration in data or a pattern that is considered to be of importance due to its impact or magnitude.

Goodness of Fit

A statistical test to see how well sample data fits a distribution from a population with a normal distribution.

Degrees of Freedom

The number of independent values or quantities that can variably assign to a statistical calculation without breaking any constraints.