The terms '2/10, n/30' appearing on an invoice for the sale/purchase of inventories means that the buyer:
A) will receive a 10% discount if paid within 2 days of the invoice date, otherwise the full amount must be paid within 30 days of the invoice date.
B) will receive a 2% discount if paid within 10 days of the invoice date, otherwise the full amount must be paid within 30 days of the invoice date.
C) has 10 days from the invoice date to pay the full amount or a 2% surcharge will be applied and total amount owing must be paid within 30 days of invoice date.
D) has 2 days from the invoice date to pay the full amount or a 7% surcharge will be applied and total amount owing must be paid within 30 days of invoice date.
Correct Answer:
Verified
Q1: Inventories are to be measured at the
Q3: Which of the following measurement rules applies
Q4: The weighted average inventories costing method is
Q5: Which of the following statements is correct?
A)
Q6: Taxes may be included in the cost
Q7: When an inventories costing formula is changed,
Q8: Which of the following is an
Q9: AASB 102 Inventories specifies that the measurement
Q10: AASB 102 Inventories applies to the accounting
Q11: Which of the following is specifically excluded
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents