2015 June MCQs 6

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February 22, 2016 at 3:58 pm #301565
yushanshan
Member
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Hi sir,
I just wonder the reason why choices A&C should not be recognised in the financial statement of an entity.
February 22, 2016 at 6:02 pm #301580
MikeLittle
Keymaster
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A is only POSSIBLE hurricane damage, not PROBABLE

C is a receivable that has been sold with NO recourse – so the factor cannot come back to the company (all risks and rewards have been transferred)
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