Question

Which of the following are classified as receivables?

1) amount paid for expenses
2) amount due to suppliers
3) tax refund claims
4) amount loaned and expected to be repaid
5) amount owed by customers

Answer 1

The classified receivables are amount due to suppliers, tax refund claims, amount loaned and expected to be repaid, and amount owed by customers.

Step-by-step explanation:

Receivables refer to amounts that are owed to a company or individual. Out of the given options, the following are classified as receivables:

1. Amount due to suppliers: When a company purchases goods or services on credit from a supplier, the amount owed is considered a receivable.
2. Tax refund claims: If an individual or company has overpaid their taxes, the amount they are owed as a refund is classified as a receivable.
3. Amount loaned and expected to be repaid: When a company or individual lends money to another party with the expectation of repayment, that amount is classified as a receivable.
4. Amount owed by customers: When a company sells goods or services on credit to customers, the amount owed by those customers is considered a receivable.