There are two tests for insolvency. What are they?

You have a customer whose financials are deteriorating and credit limit is likely to be reduced. What is the best course of action?

True or False? Signing a contract always creates a liabiity or asset.

True or False? According to the IRS, bad debts can always be used as an allowable deduction when computing profits for a company.

What might a company do to increase their float if they are deceitful?

If a company is to be audited for credit approval, what three statements must be provided?

The credit policy of Spurting Products inc. is '1.5/10, net 35.' At present, 30% of the customers take the discount, 62% pay within the net period, and the rest pay within 45 days of the invoice. If all the customers took advantage of the cash discount, the Receivables ________.

Why would a company break revenue up into specific accounts instead of having one master 'revenue' account?

How do collection agencies typically work with a company with receivables?

Why must companies actively manage their outstanding receivables?

On the balance sheet, Receivables may be classified as ________