Which of the Following Receivables Would Not Be Classified as an "Other

question 117

Multiple Choice

Which of the following receivables would not be classified as an "other receivable"?

• A) Advance to an employee
• B) Refundable income tax
• C) Notes receivable
• D) Interest receivable

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Definitions:

Periodic Inventory System

An accounting method where inventory levels and the cost of goods sold are determined at the end of the accounting period.

Average Cost

The total cost of producing goods divided by the number of goods produced, representing the per-unit cost.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, after accounting for sales and new purchases.

LIFO Cost Method

A method of inventory valuation where the last items added to the inventory are considered the first ones sold.