acct701 QUIZ 2-2.docx - QUIZ 2 Wednesday 10:49 AM State Finished Completed on Wednesday 10:52 AM Time taken 3 mins 15 secs Marks 10.00\/10.00 Grade 15.00

acct701 QUIZ 2-2.docx - QUIZ 2 Wednesday 10:49 AM State...

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QUIZ 2 Wednesday, May 16, 2018, 10:49 AM State Finished Completed on Wednesday, May 16, 2018, 10:52 AM Time taken 3 mins 15 secs Marks 10.00/10.00 Grade 15.00 out of 15.00 (100%) Question 1CorrectMark 1.00 out of 1.00Question text(T / F) When companies offer trade discounts, the gross selling price (gross invoice price) at which the sale is recorded is equal to the list price minus any trade discounts. Select one:True FalseFeedbackThe correct answer is 'True'. Question 2CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion text(T / F) Sales discounts arise when the seller offers the buyer a cash discount, typically 1 to 3 percent, to induce early payment of an amount due.
Question 3CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion text(T / F) Cost of goods sold = Beginning inventory + Net cost of purchases − Ending inventory.

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