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Hello sir,
Is allowance for receivables short term therefore considered as current asset or long term? Can allowance, which is a negative asset, be included with current assets?
Thank you for your time.
The allowance for receivables appear in the SOFP as reduction in the balance on receivables (which is a current asset). It is nothing to do with long-term anything!!
Yet again, you must watch my free lectures – you really cannot expect me to type them out again here 🙂
Thank you for your reply, yes afterwards I did watch them and found them very helpful, thank you.
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