ACCT 701 Module 2 Quiz 2 Review 2018.docx - Module 2 Quiz 2 Review 10\/10 15pts 100 Question 1(T F When companies offer trade discounts the gross selling

ACCT 701 Module 2 Quiz 2 Review 2018.docx - Module 2 Quiz 2...

This preview shows page 1 - 3 out of 3 pages.

Module 2 Quiz 2 Review 10/10 15pts 100% Question 1(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 2(T / F) Sales discounts arise when the seller offers the buyer a cash discount, typically 1to 3 percent, to induce early payment of an amount due. Question 3(T / F) Cost of goods sold = Beginning inventory + Net cost of purchases − Ending inventory. Question 4(T / F) Beginning inventory + Net cost of purchases = Cost of goods available for sale.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture