Home/My Courses/ACCT701SUM192-STACKED-34631-SUMMER2019/Module 2 | July 15 - 21/Weekly Quiz 2QuestionCorrect(T / F) When companies offer trade discounts, the gross selling price (gross invoice price) at which the saleis recorded is equal to the list price minus any trade discounts.1Mark 1.00 out of1.00Started onFriday, July 19, 2019, 7:54 AMStateFinishedCompleted onFriday, July 19, 2019, 8:04 AMTime taken10 mins 4 secsMarks10.00/10.00Grade15.00out of 15.00 (100%)Select one:TrueFalseThe correct answer is 'True'.
QuestionCorrect(T / F) Sales discounts arise when the seller offers the buyer a cash discount, typically 1 to 3 percent, toinduce early payment of an amount due.2Mark 1.00 out of1.00
QuestionCorrect(T / F) Cost of goods sold = Beginning inventory + Net cost of purchases − Ending inventory.3Mark 1.00 out of
1.00TrueFalseThe correct answer is 'True'.
