Which of the Following Statements Concerning Receivables Is Incorrect

question 151

Multiple Choice

Which of the following statements concerning receivables is incorrect?

• A) Notes receivable are often listed last under receivables.
• B) The contingent liability from selling notes receivable should be disclosed.
• C) Both the gross amount of receivables and the allowance for doubtful accounts should be reported.
• D) Interest revenue and gain on sale of notes receivable are shown under other revenues and gains.

---

Definitions:

String Objects

Instances in programming that represent sequences of characters used to manipulate text data.

Single Quotes

Used in programming to define a character literal or to create a string literal in some programming languages.

ASCII Character Set

A character encoding standard for electronic communication, representing text in computers with numbers assigned to letters, digits, and symbols.

Modulus Operator

A mathematical operator used to find the remainder of a division between two numbers.