Enumerate the term- cash discounts, Accounting Basics

Assignment Help:

Enumerate the term- Cash discounts

Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. Sales or purchases discounts. A common discount is 2/10, n/30. (2 percent discount if paid in 10 days; total due in 30 days)

Related Discussions:- Enumerate the term- cash discounts

General rationale financial statements, General rationale financial stateme...

General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i

Concept of accountability, Problem It is usually recognized that power ...

Problem It is usually recognized that power is an essential component of accountability and that greater accountability is recognized towards those stakeholders who have more p

After the closing entries are posted to the ledger, After the closing entri...

After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi

Antidilution of ownership, Antidilution of Ownership The right of an i...

Antidilution of Ownership The right of an investor is to continue the same percentage ownership of an organizations main stock in the event that the organization issues more s

Fundamental accounting1, I''m trying to figure out how do do a journal entr...

I''m trying to figure out how do do a journal entry. The question reads...a company purchased land worth $49,000 for an office by paying $6,300 in cash and signing a long term note

Accounting for investments, Contain the relevant authoritative literature o...

Contain the relevant authoritative literature on accounting for investments in held-to-maturity securities using the FASB's Codification Research System. What is the specific citat

Show payment of a liability, Q. Show payment of a liability? Accountant...

Q. Show payment of a liability? Accountants are able to easily measure some changes in assets and liabilities such as the acquisition of an asset on credit and the payment of a

Inter company transaction in account receivable, How to define Inter compan...

How to define Inter company Transaction in Account Receivable? Ans) Intercompany transactions are those transactions that takes place among two or more entities of the similar g

Define the opportunity cost, Q. Define the Opportunity cost? Opportunit...

Q. Define the Opportunity cost? Opportunity cost -- a useful notion in evaluating alternate opportunities. If you choosealternative A, you can't choose B, C, or D. What is the

Explain about depreciation expense, Q. Explain about Depreciation expense? ...

Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages