Trade discount-Inducement for prompt payment from customer

Assignment Help Financial Accounting

Reference no: EM13827232

1. Trade discount is created as an inducement for prompt payment from the customer?

a)true

b)false

2. Under the gross method of accounting for the cash discounts, if the customer pays within the discount period a sales discount is recognized (contra revenue account)

a)true

b)false

3. Property, plant and equipment includes only depreciable assets such buildings, and equipment:

a) true

b) false

4. Land could include addional land improvements that have an indefinite life:

a) true

b) false

Reference no: EM13827232

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