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.

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Definitions:

Electroconvulsive Therapy (ECT)

The use of electricity to induce a seizure in mental patients by placing electrodes on the skull and administering a convulsive rather than a lethal shock intensity.

Treating Disorders

The process of managing and alleviating symptoms of mental or physical health conditions.

Present

The current moment or period of time; also refers to the existence or occurrence of something.

Systematic Desensitization

A behavioral therapy technique used to reduce phobic responses or anxiety through gradual exposure to the feared object or situation paired with relaxation exercises.