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8. The following are terms used on business financial documents: (i) E&OE (ii) a/c Payee only (iii) Refer to drawer (iv) Stale dated (v) Terms -5% 7 days, 3% 28 days otherwise net. (a) Explain what is meant by any THREE of the above terms. (b) Discuss TWO reasons why it is necessary to have adequate documentation of business transactions. (c) Outline THREE reasons why insurance is important in trade. (d) Describe a situation in which a debit note should be used.

8. The following are terms used on business financial documents: (i) E&OE (ii) a/c Payee only (iii) Refer to drawer (iv) Stale dated (v) Terms -5% 7 days, 3% 28 days otherwise net. (a) Explain what is meant by any THREE of the above terms. (b) Discuss TWO reasons why it is necessary to have adequate documentation of business transactions. (c) Outline THREE reasons why insurance is important in trade. (d) Describe a situation in which a debit note should be used.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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8. The following are terms used on business financial documents: (i) E&OE (ii) a/c Payee only (iii) Refer to drawer (iv) Stale dated (v) Terms -5% 7 days, 3% 28 days otherwise net. (a) Explain what is meant by any THREE of the above terms. (b) Discuss TWO reasons why it is necessary to have adequate documentation of business transactions. (c) Outline THREE reasons why insurance is important in trade. (d) Describe a situation in which a debit note should be used.
Transcribed Image Text:8. The following are terms used on business financial documents: (i) E&OE (ii) a/c Payee only (iii) Refer to drawer (iv) Stale dated (v) Terms -5% 7 days, 3% 28 days otherwise net. (a) Explain what is meant by any THREE of the above terms. (b) Discuss TWO reasons why it is necessary to have adequate documentation of business transactions. (c) Outline THREE reasons why insurance is important in trade. (d) Describe a situation in which a debit note should be used.
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