Which one of the following statements about trade discount is true?It is recorded in books of accountsNone of theseIt is given to encourage the customers to pay their debts before timeIt is also called cash discountIf opening net assets are OMR 200,000, dividends are OMR 24,000, direct expenses are OMR 20,000 and closing net assets areOMR 300,000 then profit under financial concept of capital maintenance is:üoul lis sl立 0TOSHIBA

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Which one of the following statements about trade discount is true? It is recorded in books of accounts None of these It is given to encourage the customers to pay their debts before time It is also called cash discount

Which one of the following statements about trade discount is true? It is recorded in books of accounts None of these It is given to encourage the customers to pay their debts before time It is also called cash discount

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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Question

Which one of the following statements about trade discount is true?
It is recorded in books of accounts
None of these
It is given to encourage the customers to pay their debts before time
It is also called cash discount
If opening net assets are OMR 200,000, dividends are OMR 24,000, direct expenses are OMR 20,000 and closing net assets are
OMR 300,000 then profit under financial concept of capital maintenance is:
üoul lis sl
立 0
TOSHIBA

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