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Cost Management
Home PDU for the PMP® / Technical

What information is conveyed about receivables?

USD 15.00
instructor
Instructor
Alan Fata
Category
Technical
Difficulty
Easy
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Course Highlight Curriculum Course Content Take The Test
Learning Objectives:
  1. Understand that accounts receivable are reported at net realizable value.
  2. Know that net realizable value is an estimation of the amount of cash to be collected from a particular asset.
  3. Appreciate the challenge that uncertainty poses in the reporting of accounts receivable.
  4. List the factors to be considered by company officials when estimating the net realizable value of accounts receivable.
  5. Understand the reason for reporting a separate allowance account in connection with accounts receivable.
  6. Know that bad debt expenses must be anticipated and recorded in the same period as the related sales revenue to conform to the matching principle.
  7. Prepare the adjusting entry necessary to reduce accounts receivable to net realizable value and recognize the resulting bad debt expense.
  8. Record the impact of discovering that a specific receivable is uncollectible.
  9. Understand the reason that an expense is not recognized when a receivable is deemed to be uncollectible.
  10. Record the collection of a receivable that has previously been written off as uncollectible.
  11. Recognize that estimated figures often prove to be erroneous but changes in previous year figures are not made if a reasonable estimate was made.
  12. Estimate and record bad debts when the percentage of sales method is applied.
  13. Estimate and record bad debts when the percentage of receivables method is applied.
  14. Explain the reason that bad debt expense and the allowance for doubtful accounts will normally report different figures.
  15. Understand the purpose and maintenance of a subsidiary ledger.
  16. Recognize that transactions denominated in a foreign currency are now quite common.
  17. Understand the necessity of remeasuring foreign currency balances into a company’s functional currency prior to the preparation of financial statements.
  18. Appreciate the problem that fluctuations in exchange rates cause when foreign currency balances are reported in a set of financial statements.
  19. Know which foreign currency balances are reported using a historical exchange rate and which balances are reported using the exchange rate in effect on the date of the balance sheet.
  20. Understand that gains and losses are reported on a company’s income statement when certain foreign currency balances are remeasured using new currency exchange rates.
  21. Compute the current ratio, the amount of working capital, and other amounts pertinent to the reporting of accounts receivable.
  22. Describe the meaning of the current ratio.
  23. Describe the meaning of the working capital balance.
  24. Calculate the amount of time that passes before the average accounts receivable is collected and explain the importance of this information.
  25. List techniques that an organization can implement to speed up the collection of accounts receivable.

Other course details:
  1. This is an introductory course that does not require any prerequisite.
  2. This course can be taken on a standalone basis.
  3. This course is chapter 7 in the book titled "Financial Accounting".
  4. It provides 3 PDUs towards your PMP professional development education.
Course Features
Credits:
3 PDU
Skill Section:
Technical
Access:
Lifetime
Test Questions:
20
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