Invoice discount - Guides d'étude, Notes de cours & Résumés

List Price : Listed price of the product. Manufacturers sell from a nationally advertised price. As there is a fluctuation in cost of raw materials or market condition, a discount is offered, but this discount is seldom reflected on the list price. Selling Price : Amount paid by customer that appears on invoice. Selling price = list price - trade discounts Net Price : Customer doesn't pay the full price and a cash discount is announced to pay the bill as soon as possible. Net Pric...

IDIS 240 Vestal Exam 2 Latest Update Graded A+ NPBT Net profit before tax=EBIT- Interest NPAT Net profit after tax=NPBT- taxes SGA Selling General and Administrative expenses EBITDA Earnings before interest, taxes depreciation and amortization GMROII Gross margin return on inventory investment EBIT Earnings before interest taxes UOM Unit of measure OEM Original equipment manufacturer MRO Maintenance repair and operations Agent Very similar to a manufacturing sale...

Basis Piont Correct Answer-This discount rate description is one-hundredth of 1%. EXAMPLE: 300 basis points equals 3% Sources of Short-Term Financing (3) Correct Answer-1. Market-based instruments 2. Spontaneous sources: those that arise in the normal course of business, such as accounts payable. 3. Commercial Banks Trade Credit Terms - Example Correct Answer-2/10 net 30. The firm will receive a 2% discount if the entire balance is paid within 10 days and that the entire balance, w...

SAGE 50 - Ch 7 Exam Questions and Answers 1. Which of the following components make up the payables ledger setup - A) payables and sales tax setting defaults B) payables linked accounts C) set up vendor information and historical data D) all of the components listed here are necessary - Answer- D) all of the components listed here are necessary 2. If the bank issues a new series of cheques with a different numbering sequence - A) we must change the payments settings to accommodate the "...

SAGE 50 - CH 7 EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ 1. Which of the following components make up the payables ledger setup - A) payables and sales tax setting defaults B) payables linked accounts C) set up vendor information and historical data D) all of the components listed here are necessary Correct Answer: D) all of the components listed here are necessary 2. If the bank issues a new series of cheques with a different numbering sequence - A) we must ...

1. Tangible Assets 2. Used in business 3. Expected to be used more than one year correct answers Major Characteristics of PPE 1. Probable future economic benefit 2. Can be measured reliably correct answers Recognition of PPE Inventory correct answers Recognition of Spare Parts PPE correct answers Recognition of Major Spare Parts At Cost correct answers Measurement at Recognition of PPE 1. Purchase price=Non-refundable tax, purchase tax(net of trade discount and cash discount MU...

Penn Foster: Bookkeeping Latest Update Graded A+ How is a purchase order used in bookkeeping? A purchase order is used to document and authorize the purchase of goods or services, and it helps ensure that transactions are recorded accurately when the invoice is received. What is the purpose of a debit memo? A debit memo is used to adjust an account balance by increasing the amount owed or reducing the amount recorded, often due to a returned product or a billing error. How do y...

QuickBooks Certification Exam Practice 111 Questions with Verified Answers Which of the following should you do at the end of an accounting period? - CORRECT ANSWER all of the above: - reconcile cash, credit card, and loan accounts against period-end statements - run reports for the period and verify their accuracy - enter depreciation entries which of the following is true? - CORRECT ANSWER the total credits must match the total debits in each general journal entry when might you ne...

Wisconsin Only Auto Salesperson License Questions and Answers Already Passed who needs a motor vehicle salesperson license? anyone who wants to sell/lease vehicles in Wisconsin what are the requirements for a salesperson license? - 18 + years old - agree to follow the "good faith" salesperson standards - familiar to sales contract laws how do you renew your license? Your employer renews the license and pays the fee. There is no written text for renewals how do you get a dup...

CLFP Exam Questions With Verified Answers Latest Update (Scored A+) Code of Hammurabi correct answer1750 BC, acknowledged leasing of Personal Property. First Record of Leasing First Example of A True Lease correct answerShip Charters. Phoenicians leased the ship and crew requiring them to assume benefits and obligations of ownership Statue of Wales correct answer1284 AD. English Common Law - to deal with leasing of personal property and clarified in 1571 to define who owned the leased prop...