Define Purchase discounts.

Q: Which one of the following types of discounts is given to the buyer if the buyer makes a bulk…

A: The answer for the question on discounts is given hereunder :

Q: Define Discount Rate.

A: A discount rate is rate which is used to bring future value of cash flow to the present value.It is…

Q: General entry purchase return

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: purchase discount

A: The purchase term "2/10, n/30" means that 2% discount will be available if the payment is made…

Q: What procedures are followed in the allocation of a discount?

A: When a sale or a purchase is made for an amount  that is less than the sales price, the differences…

Q: What is shelf registration?

A: Answer: Shelf registration is subject to Securities and Exchange Commission SEC Rule 415 of the…

Q: types of discounts is given to the buyer if the buyer makes a bulk purchase ?

A: The amount that is a fixed rate and deductable from the invoice price is known to be discount. This…

Q: the amount recorded as a sale , and the actual amount collected when paid within the discount…

A: Trade discount is the discount which is received by the buyer of the goods on the purchase of goods…

Q: the different types of purchasing procedures

A: A purchase process is a formal and systematic process of purchasing goods and service by an…

Q: purchase price

A: Purchase price = Net assets taken over - Required gain

Q: the trade discount and trade discount rate.

A: List Price Net Price Trade Discount Trade Discount Rate 65.00 50.00 15.00 23.08% 115.00 98.00…

Q: Define discounts (in credit terms)

A: Discount in credit terms is a method utilized to understand receivables for deal with cash flow…

Q: How to calculate the list price? O a. List price = Amount of Discount/Rate of Discount O b. List…

A: Discount means the amount which is not required to be paid or received. Discount is deducted to find…

Q: Explain the difference between a trade discount and a cash discount.

A: Discount is the deduction from the cost of product or service that a seller offers to the buyer…

Q: Define Net purchases.

A: Purchase discounts: The sellers offer a reduction in purchase price on initial purchases, to…

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Which of the following is not included when computing Net Purchases?A. purchase discountsB.…

A: Purchases is the value of cost of goods that is being purchased or acquired from the suppliers…

Q: Define Trade discounts.

A: Business:   It refers to a commercial activity involving buying and selling of a product or a…

Q: Define purchases Journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: Define the term Lump-Sum Purchases.

A: Lump-sum:  A lump-sum amount is defined as a single complete sum of money. A lump-sum investment is…

Q: What is a purchase return? How does a purchase allowance differ from a purchase return?

A: Purchase return: Purchase return refers to return of merchandise or goods purchased by customers to…

Q: Trade Discount and Cash Discounts

A: Trade discount Purchase price * Rate of trade discount Purchase price $2,000 Rate of trade…

Q: What are the assumption of THE LIFO RETAIL METHOD?

A:

Q: Define discount percentage (credit)

A: The discount rate is the amount paid on debit and credit card payments to a dealer for payment…

Q: calculate the discount date and the net date for the transaction.

A: Given that the invoice terms are 2/10 , n/45 That is if the invoice is paid in 10 days we get a…

Q: Design a purchase requisition, purchase order and purchase specification

A: Here provide the details of the Purchase requisition, purchase order and purchase specification…

Q: Cash Discounts. ISCoun

A: It is pertinent to note that cash discounts are given by debts for prompt payment of invoices .…

Q: What is the other name of purchases returns

A: Whenever inventory is being purchased in business for sale or for use in production and…

Q: Define Conventional retail method.

A: Definition:   Retail inventory method: It takes into account all the retail amounts that are, the…

Q: What is b Purchase Volume?

A: Purchase volume means the total amount of all the purchases charged to a single account.

Q: What is invoice discounting and what are the advantages

A: Introduction: Discounting is nothing but financial process in which in exchange for a fee, a debtor…

Q: Summarize on what you understand from the purchase cycle system

A: Purchase Cycle System- Purchasing Cycle system refers to as system of buying product and service.

Q: Summarize the process to determine whether you can afford a particular purchase

A: The process is a defined way that helps individuals to analyze the particular item for taking the…

Q: What is the discounting process?

A: Discounting: It is the process where the bill is given to a bank to get the bill discounted before…

Q: What is allowance method?

A: Definition:   Allowance method of accounting for uncollectible accounts: This is the accounting…

Q: Describe the conditions that would make the use of advance-discounts appropriate.

A: Discount means a selling of goods or service below the price of goods. This reduction in price is…

Q: Define the term merchandiser.

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Define discount interest

A: Introduction: Usually, interest is the sum charged over an amount of time by the borrower for the…

Q: Define discount period (credit)

A: Credit period:   Credit period is the maximum amount of time, expressed in days, provided by the…

Q: What is surcharge?

A: surcharge is an additional or extra charge or tax charged on the cost of goods or service more than…

Q: What purpose does a purchasing department serve?

A: Purchasing Department: The purchasing department accommodates the organization for the inventory…

Q: Define Lump-Sum Purchases.

A: When a company purchases a group of assets collectively for a single price, such a transaction is…

Q: Distinguish between the gross and net methods of accounting for purchase discounts.

A: