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CISE5 5.1 IDENTIFICATION 1. A discount given to customers for early payment. 2. An outright deduction from the invoice price. 3. Terms of shipment where the freight charges are shouldered by the buyer but paid by the seller. 4. Terms of shin

CISE5 5.1 IDENTIFICATION 1. A discount given to customers for early payment. 2. An outright deduction from the invoice price. 3. Terms of shipment where the freight charges are shouldered by the buyer but paid by the seller. 4. Terms of shin

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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IDENTIFICATION 1. A discount given to customers for early payment. 2. An outright deduction from the invoice price. 3. Terms of shipment where the freight charges are shouldered by the buyer but paid by the seller. 4. Terms of shipment where the freight charges are shouldered by the seller but paid by the buyer. 5. Terms of shipment where the freight charges are shouldered and paid by the seller. 6. Terms of shipment where the freight charges are shouldered and paid by the buyer. 7. The cost of transporting the goods incurred by the seller. 8. Is a business form which shows the goods or items sold together with the price, quantity, VAT and terms of sale. 9. A business form evidencing returns or allowances given to the customer. 10. The difference between net sales and cost of sales. 11. The format of the Income Statement where the expenses are classified as to their function. 12. The manner of presentation of the Income Statement where the expenses are classified according to their nature. 13. The cost paid by the buyer for transporting the goods bought 14. Goods unsold at the end of an accounting period. 15. Costs generally incurred in relation to borrowing such as interest, bank charges, documentary stamps and other costs. 166-A
Transcribed Image Text:IDENTIFICATION 1. A discount given to customers for early payment. 2. An outright deduction from the invoice price. 3. Terms of shipment where the freight charges are shouldered by the buyer but paid by the seller. 4. Terms of shipment where the freight charges are shouldered by the seller but paid by the buyer. 5. Terms of shipment where the freight charges are shouldered and paid by the seller. 6. Terms of shipment where the freight charges are shouldered and paid by the buyer. 7. The cost of transporting the goods incurred by the seller. 8. Is a business form which shows the goods or items sold together with the price, quantity, VAT and terms of sale. 9. A business form evidencing returns or allowances given to the customer. 10. The difference between net sales and cost of sales. 11. The format of the Income Statement where the expenses are classified as to their function. 12. The manner of presentation of the Income Statement where the expenses are classified according to their nature. 13. The cost paid by the buyer for transporting the goods bought 14. Goods unsold at the end of an accounting period. 15. Costs generally incurred in relation to borrowing such as interest, bank charges, documentary stamps and other costs. 166-A
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