3. It refers to the number of days from date of purchase that the supplier has given the busıness to pay its account. 4. It is the cost associated with transporting goods from seller's to buyer's place of business. 5. It is the business document issued by the buyer whenever there are returns and allowances.
3. It refers to the number of days from date of purchase that the supplier has given the busıness to pay its account. 4. It is the cost associated with transporting goods from seller's to buyer's place of business. 5. It is the business document issued by the buyer whenever there are returns and allowances.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Number 3 4 and 5 please

Transcribed Image Text:III. IDENTIFICATION
Directions: Identify the term/s being described.
1. It is the inventory system most applicable to sari-sari stores.
2 It is the business document commonly used as the basis of recording in the cash receipts journal.
3. It refers to the number of days from date of purchase that the supplier has given the business to pay its
account.
4. It is the cost associated with transporting goods from seller's to buyer's place of business.
5. It is the business document issued by the buyer whenever there are returns and allowances.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education