Which of the Following Statements Concerning Receivables Is Incorrect

question 95

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 both shown under other revenues and gains.

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Definitions:

Defamation

The practice of harming an individual's reputation through the dissemination of untrue and detrimental remarks.

Humorous

Characterized by the quality of being amusing or entertaining, often involving a sense of wit.

Satirical

Characterized by the use of irony, sarcasm, ridicule, or the like, in exposing, denouncing, or deriding vice, folly, etc.

Compensatory Damages

Damages that will compensate a part for direct losses due to an injury suffered.