Which of the following statements is correct regarding receivables?
A) Receivables are written promises of the purchaser to pay for goods or services.
B) Receivables are claims held against customers and others for money, goods, or services.
C) Receivables are non-financial assets.
D) Receivables that are expected to be collected within a year are classified as noncurrent.

Question

Quizplus · Accepted Answer

Receivables are claims held against customers and others for money, goods, or services. They represent a company's assets and are expected to be collected within a year (current) or beyond a year (noncurrent). They are financial assets.

Which of the Following Statements Is Correct Regarding Receivables