1) Define and discuss when an Account Receivable should be established.
2) Is a receivable an asset or a liability? Provide reasoning.
3) What happens when a Receivable is noncollectable?
4) What is a Note Receivable? What types of terms usually exist? How is the interest calculated?
5) How are Receivables sold / factored? What are the advantages? What are the disadvantages? Discuss.
6) What are some internal controls that you would expect to see around the acc