Choose the correct and explain. The following statements pertain to presentation and valuation of receivables. Which is not in accordance with generally accepted practice? a.Credit balances in...

Choose the correct and explain.

The following statements pertain to presentation and valuation of receivables. Which is not in accordance with generally accepted practice?

a.Credit balances in customers’ account receivable should be offset against other receivables to arrive at the net amount.

b.Receivable balances should be valued at face amount minus allowance for doubtful accounts and for any anticipated adjustments, which in the normal course of events will reduce the amount of receivable to estimated realizable value.

c.Long-term notes receivables which nominally bear no interest or an interest, which is unreasonably low should be stated at present value.

d.Receivables denominated in foreign currency should be translated to local currency using the exchange rate on reporting period.