Discounts received - accounts, Accounting Basics

What is Discounts received?

Posted Date: 2/12/2013 5:14:52 AM | Location : United States

A discount received arises when a business is granted a discount from a supplier for settling their account within a specified time period. The difference between the original invoice and the actual payment made is the value of the discount received.

Posted by Jacob | Posted Date: 2/12/2013 5:17:27 AM

Related Discussions:- Discounts received - accounts, Assignment Help, Ask Question on Discounts received - accounts, Get Answer, Expert's Help, Discounts received - accounts Discussions

Write discussion on Discounts received - accounts
Your posts are moderated
Related Questions
Preparing financial statements for a merchandising business (The statements are completed in this order.) 1.  Income Statement (contains only expenses and revenue and show

Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero

A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory

The range of accounting can be presented in a diagrammatic form. Data  collection  and  creation  is  the  area  that  provides  raw  material  for accounting. The data collecte

Q. Define Non-operating revenues? Non-operating revenues or other revenues and non-operating expenses or other expenses are revenues and expenses not related to the sale of pro

Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu

effects of technology in banking sector

How accounting helps in Internationalisation of businesses Internationalisation of businesses has created a need for accounting rules to have an international reach. It can no

is exploration cost for mining companies regarded as assets or expense?

Q. What do you eman by Expenditure? Expenditure -- an expenditure takes place when something is attained for a business -- an asset isbought, salaries are paid and so on. An ex