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A receivable classified as current asset on the statement of financial position is expected to be collected within ?

A. The current operating cycle.

B. One year.

C.The current operating cycle or one year, whichever is longer.

D.The current operating cycle or one year, whichever is shorter.

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Question added by Deleted user
Date Posted: 2015/08/27
Deleted user
by Deleted user

Answer C is the correct answer . Whichever is longer .

option a the current operating cycle

 

Ahmed Abdi Mahad
by Ahmed Abdi Mahad , Director of Internal Auditing Directorate , Jigjiga University

Choice C, the current operating cycle or one year, which ever is longer is the correct answer for this question Thanks

rafiq zamzam
by rafiq zamzam , Cost Accountant BY G.P ( Great Plains ) Program , UNITED STEEL INDUSTRIES – Member Of AL FOZAN GROUP , Kingdom Of Saudi Arabia ( K.S.A ) – Scaffolding

the correct answer number C

Nabil Jabraouti
by Nabil Jabraouti , Finance Consultant - Managing Director , BlueChip Consulting and Development

C.The current operating cycle or one year, whichever is longer. Source:IAS1 (the "whichever is longer" is not mentioned literally but is somehow obvious, as any of the these two conditions is sufficient)

Belal Abdelhamid
by Belal Abdelhamid , Finance Manager , Retaj Global Hotel & Resorts

Answer is (C)  whichever is longer

Said Shaban
by Said Shaban , Accountant , Tri State Materials Testing

The answer is:

C.The current operating cycle or one year, whichever is longer.

Teshale Gaglew Gebretsadik
by Teshale Gaglew Gebretsadik , Branch Manager , Bank of Abyssinia

The alternative D. Current oc or one year which ever is shorter

Deleted user
by Deleted user

B:It is expected to be collected in one year.

Asad Ahmed
by Asad Ahmed , Manager Finance & Company Secretary , Connect Communications Pvt. Ltd.

If a receivable classified as a current asset than it is expected that it will be collected within One year from the date of the financial statements i.e. in next financial year

rand qadri
by rand qadri , The owner of jordan cafes Snap & page , Jordan cafes

its D the current or one year the shorter

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