Define allowance for impairment on trade receivables.
Ch 10 Trade Receivable (Impairment loss on TR)

Quiz
•
Other
•
9th - 10th Grade
•
Hard

Khairul Adli
Used 7+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It represents the amount owed by credit customer.
It represents the amount owed by a credit customer which are unlikely to be collectible.
It represents the amount owed by a credit customer which are likely to pay up.
It represents the amount owed by a credit customer who has gone bankrupt.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
State the double entry when an allowance for impairment of trade receivables of $500 is made in the first year of business.
Dr Trade receivables
Cr Cash at bank
Dr Impairment loss on trade receivables
Cr Trade receivables
Dr Impairment loss on trade receivables
Cr Allowance for impairment of trade receivables
Dr Trade receivables
Cr Allowance for impairment of trade receivables
3.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Bonjour Trading had a balance of $4 400 in his trade receivables (TR) account on 31 Dec 2020. The business provides an allowance for impairment of trade receivables based on 10% of the TR balance. Calculate the impairment loss on trade receivables for 31 Dec 2020.
$440
$3960
$4400
$4840
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
On 1 January 2020, Johnny had a balance of $3200 in his allowance for impairment of trade receivables.
On 31 December 2020, he had a balance of $5200 in his allowance for impairment of trade receivables.
What is the impairment loss on trade receivables for the year ended 31 December 2020?
$2000
$3200
$8400
$5200
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Refer to the question above.
$140
$1000
$210
$70
6.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Refer to the question above.
960
240
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