Question

What information should be disclosed regarding long-term loans and advances?

a.

Only the classification as capital advances, security deposits, and loans and advances to related parties.

b.

Only the aggregate amount of loans and advances.

c.

Details of loans and advances to related parties and their classification as to the extent secured, considered good, and others.

d.

Only the allowance for bad and doubtful loans and advances.

Posted under IC 89 Management Accounting

Answer: (c).Details of loans and advances to related parties and their classification as to the extent secured, considered good, and others. Explanation:Regarding long-term loans and advances, details should include classification as capital advances, security deposits, loans and advances to related parties, and their sub-classification as to the extent secured, considered good, and others.

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Q. What information should be disclosed regarding long-term loans and advances?
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