Which of the Following Is a General Rule of Classifying

question 74

Multiple Choice

Which of the following is a general rule of classifying receivables?

• A) Disclose any loss contingencies that exists on the receivables.
• B) Indicate the receivables classified as current and noncurrent.
• C) Disclose any receivables designated or pledged as collateral.
• D) All of these answers are correct.

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Definitions:

Balance of Trade

The difference in value between a country's exports and imports over a certain period.

Goods and Services

Physical items that can be purchased (goods) and intangible assistance or activities provided for consumption (services).

Trade Deficits

A situation where a country's imports of goods and services exceed its exports, resulting in a negative balance of trade.

Saving Rate

The portion of income that is not spent on consumption but is saved or invested for future use.