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QUESTION 2 Although IFRS contain the same basic guidelines for accounting for cash and receivables as U.S. GAAP some differences exist. Which of the following accounting treatments differs under IFRS versus the accounting for sales discounts the classification of some reccivables as "available for salc the accounting for pledging and assignment of the application of the allowance mcthod of QUESTION 3 Compensating balance agreements that legally restrict cash should only be described in the footnotes to the financial be separately reported in the current portion of the balance sheet if thcy are against short-term borrowings be separately classified as noncurrent assets on the balance sheet if they are against short-term not be shown on the balance shect QUESTION 4 On October, Robins's Online Sales sold goods for S50,000 and accepted a six-month noninterest- bearing note. Current interest rates were 10%. The December 31 adjusting entry should be Interest Reccivable Interest Revenue Discount on Notes Receivable 1250 Interest Revenue Discount on Notes Reccivable 2.500 Interest Receivable Interest Revenue 1.250 Discount on Notes Receivable QUESTION 5 Cash planning is important because a company wants ensure that it has adequate cash available to mcct maturing obligations ensure the safeguarding of its available cash forecast all available cash surpluses prepare a cash budget so it can invest all cash

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