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1、9Receivablesandpayables9.1LearningobjectivesAfterstudyingthischapter,youshouldbeableto:•Accountforuncollectibleaccountsreceivableundertheallowancemethod.•Recordcreditcardsalesandcollections.•Defineliabilities,currentliabilities,andlong-termliabilities.•Definean
2、daccountforclearlydeterminable,estimated,andcontingentliabilities.•Accountfornotesreceivableandpayable,includingcalculationofinterest.•Accountforborrowingmoneyusinganinterest-bearingnoteversusanoninterest-bearingnote.•Analyzeandusethefinancialresults—accountsre
3、ceivableturnoverandthenumberofdays'salesinaccountsreceivable.9.2AcareerinlitigationsupportWhatislitigationsupport?Itdoesnotmeanworkinginanattorney'soffice.Itinvolvesassistinglegalcounselinattemptingtogainfavorableverdictsinacourtoflaw.Personsinvolvedinlitigatio
4、nsupportgenerallyworkforapublicaccountingfirm,aconsultingfirm,orasasoleproprietororinpartnershipwithothers.Anexperiencedlitigationsupportpersoncanexpecttoearnanincomewellintosixfigures.Litigationsupportinabroadsenseencompassesfraudauditing,valuationanalysis,inv
5、estigativeaccounting,andforensicaccounting.Thepracticeoflitigationsupportinvolvesassistinglegalcounselinsuchthingsasproductliabilitydisputes,shareholderdisputes,contractbreaches,andmajorlossesreportedbyentities.Theseinvestigationsrequiretheaccountanttogatherand
6、evaluateevidencetoassesstheintegrityanddollaramountssurroundingtheaforementionedsituations.Theaccountantcanbe,andoftenis,requestedtoserveasanexpertwitnessinacourtoflaw.Thisexperiencerequiresknowledgeofaccountingandauditinginadditiontopossessinggoodcommunication
7、skills,appropriatecredentials,relevant11experience,andcriticalinformationthatcouldresultinsuccessfulresolutionoftheissue.Whatkindofpersonpursueslitigationsupportasacareer?Ittakesaveryspecialindividual.Thepersonmustbepartaccountant,partauditor,partlawyer,andpart
8、skilledbusinessperson.Anundergraduateaccountingdegree,anMBA,andalawdegreewouldbetheperfecteducationalbackgroundneededforsuchacareer.ManyuniversitiesofferacombinedMBA/JDprogr