Match the items below by choosing the appropriate code letter .
-A cash discount claimed by a buyer for prompt payment of a balance due.
A) Net sales
B) Cash discount
C) Credit terms
D) Periodic inventory system
E) Gross profit ratio
F) Contra revenue
G) Freight-out
H) Gross profit
I) Sales invoice
J) Business activity statement
K) Input tax credit
L) Purchase discount

Question

Quizplus · Accepted Answer

A cash discount claimed by a buyer for prompt payment of a balance due is referred to as a purchase discount. This discount is offered by the seller to encourage early payment.

Match the Items Below by Choosing the Appropriate Code Letter