Receivables are considered financial assets.

Financial Assets

Assets that derive value from a contractual claim, such as cash, stocks, bonds, and bank deposits.

Identify the difference between accounts receivable and notes receivable, along with their effect on financial reporting.

Verified Answer

Caleb GibbonsMay 15, 2024

Final Answer :

True

Explanation :

Receivables are considered financial assets because they represent a contractual right to receive cash or another financial asset from another entity.

Learning Objectives

Identify the difference between accounts receivable and notes receivable, along with their effect on financial reporting.

Receivables are considered financial assets.

Definitions

Learning Objectives

Learning Objectives

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