The discount allowed is a real account.

The discount allowed is a real account.
by

1 Answer

Answer :

State whether the following statement are ‘True or False’ with reason : The discount allowed is a real account.
by
selected by

Related questions

Cash discount allowed to a debtor should be credited to a) Discount account b)Customer’s account c) Sales account d) Cash account

Description : Cash discount allowed to a debtor should be credited to a) Discount account b)Customer’s account c) Sales account d) Cash account

Last Answer : b)Customer’s account

Profit and Loss Account debit side includes A. Salary B. Discount allowed C. Postage & telegram D. All of the above

Description : Profit and Loss Account debit side includes A. Salary B. Discount allowed C. Postage & telegram D. All of the above

Last Answer : D. All of the above

Complete the following table : Discount Allowed

Description : Complete the following table : Discount Allowed

Last Answer : Complete the following table : Discount Allowed debit Balance Discount Received ?

Trade discount is allowed for prompt payments.

Description : Trade discount is allowed for prompt payments.

Last Answer : Trade discount is allowed for prompt payments.

A cash discount is an incentive allowed for the speedy recovery of income.

Description : A cash discount is an incentive allowed for the speedy recovery of income.

Last Answer : State whether the following statement are true or false with reason : A cash discount is an incentive allowed for the speedy recovery of income.

In a perpetual inventory system, the amount of the discount allowed for paying for merchandise purchased within the discount period is credited to a. Merchandise Inventory. b. Purchase Discounts. c. Purchase Allowance.

Description : In a perpetual inventory system, the amount of the discount allowed for paying for merchandise purchased within the discount period is credited to a. Merchandise Inventory. b. Purchase Discounts. c. Purchase Allowance.

Last Answer : a. Merchandise Inventory.

A marked price of a Chair is Rs 480. The seller offered the discount of 25% and gain 50%. If no discount is allowed, find his gain percentage?

Description :  A marked price of a Chair is Rs 480. The seller offered the discount of 25% and gain 50%. If no discount is allowed, find his gain percentage? 

Last Answer : MP= Rs. 480,discount= 25% SP= 480*75/100 = 360 CP= 360* 100/150= 240 Required %= (480-240)/240*100 = 100%

If 20% discount is allowed on the marked price then the profit is 40%. If the discount is increased to 40% then what will be the profit percentage?

Description : If 20% discount is allowed on the marked price then the profit is 40%. If the discount is increased to 40% then what will be the profit percentage?

Last Answer :  cp=100% profit=40% selling price= 140% marked price = 140% mp=140*100/80= 175 40%discount in mp= 175 *60/100 New sp=105 new profit%= new sp-cp/cp *100 =105-100/100*100 =5

Discount earned is transferred to credit side of ___________ account. 

Description : Discount earned is transferred to credit side of ___________ account. 

Last Answer : Discount earned is transferred to credit side of ___________ account. (a) Current A/c (b) Profit & Loss Account (c) Trading (d) Capital

R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by– (A) Rs. 4,00,000 (B) Rs. 5,00,000 (C) Rs. 3,20,000 (D) Rs. 4,80,000

Description : R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by– (A) Rs. 4,00,000 (B) Rs. 5,00,000 (C) Rs. 3,20,000 (D) Rs. 4,80,000

Last Answer : Answer: Rs. 4,00,000

Hale Company sells merchandise on account for $1,500 to Kear Company with credit terms of 2/10, n/30. Kear Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? a. $1,470 b. $1,476 c. $1,200 d. $1,176

Description : Hale Company sells merchandise on account for $1,500 to Kear Company with credit terms of 2/10, n/30. Kear Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount ... is the amount of the check? a. $1,470 b. $1,476 c. $1,200 d. $1,176

Last Answer : d. $1,176

Company A sells $500 of merchandise on account to Company B with credit terms of 2/10, n/30. If Company B remits a check taking advantage of the discount offered, what is the amount of Company B's check? a. $350 b. $490 c. $450 d. $400

Description : Company A sells $500 of merchandise on account to Company B with credit terms of 2/10, n/30. If Company B remits a check taking advantage of the discount offered, what is the amount of Company B's check? a. $350 b. $490 c. $450 d. $400

Last Answer : b. $490

The collection of a $900 account after the 2 percent discount period will result in a a. debit to Cash for $882. b. debit to Accounts Receivable for $900. c. debit to Cash for $900. d. debit to Sales Discounts for $18.

Description : The collection of a $900 account after the 2 percent discount period will result in a a. debit to Cash for $882. b. debit to Accounts Receivable for $900. c. debit to Cash for $900. d. debit to Sales Discounts for $18.

Last Answer : c. debit to Cash for $900.

Holt Company sells merchandise on account for $2,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $400 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? a. $1,960 b. $1,968 c. $1,600 d. $1,568

Description : Holt Company sells merchandise on account for $2,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $400 of merchandise that was damaged, along with a check to settle the account within the discount ... the amount of the check? a. $1,960 b. $1,968 c. $1,600 d. $1,568

Last Answer : d. $1,568

Company X sells $400 of merchandise on account to Company Y with credit terms of 2/10, n/30. If Company Y remits a check taking advantage of the discount offered, what is the amount of Company Y's check? a. $280 b. $392 c. $360 d. $320

Description : Company X sells $400 of merchandise on account to Company Y with credit terms of 2/10, n/30. If Company Y remits a check taking advantage of the discount offered, what is the amount of Company Y's check? a. $280 b. $392 c. $360 d. $320

Last Answer : b. $392

The collection of a $600 account within the 2 percent discount period will result in a a. debit to Sales Discounts for $12. b. debit to Accounts Receivable for $588. c. credit to Cash for $588. d. credit to Accounts Receivable for $588.

Description : The collection of a $600 account within the 2 percent discount period will result in a a. debit to Sales Discounts for $12. b. debit to Accounts Receivable for $588. c. credit to Cash for $588. d. credit to Accounts Receivable for $588.

Last Answer : a. debit to Sales Discounts for $12.

The Merchandise Inventory account is used in each of the following except the entry to record a. goods purchased on account. b. the return of goods purchased. c. payment of freight on goods sold. d. payment within the discount period.

Description : The Merchandise Inventory account is used in each of the following except the entry to record a. goods purchased on account. b. the return of goods purchased. c. payment of freight on goods sold. d. payment within the discount period.

Last Answer : c. payment of freight on goods sold.

Do these websites for discount name brand clothing seem real?

Description : Do these websites for discount name brand clothing seem real?

Last Answer : If it looks too good to be true then it probably is.

Overdraft facility is allowed to __________ account. 

Description : Overdraft facility is allowed to __________ account. 

Last Answer : Overdraft facility is allowed to __________ account. (a) saving (b) recurring (c) current (d) fixed deposit.

Which of the following is known as “Demat” account? A. Account in which shares are held in electronic form B. other than those given as options C. Account allowed to be operated by guardian of minor D. Account operated by business correspondents in rural centres. E. Account opened with zero balance

Description : Which of the following is known as Demat account? A. Account in which shares are held in electronic form B. other than those given as options C. Account allowed to be operated by ... minor D. Account operated by business correspondents in rural centres. E. Account opened with zero balance

Last Answer : A. Account in which shares are held in electronic form Explanation: A Dematerialized account is opened by the investor while registering with an investment broker (or sub-broker).

Mark the correct option a) No subsequent withdrawal is allowed in SCSS account before expiry of 5 years b) Premature closer is permitted after expiry on one year c) A deduction will be made 1.5% of the deposit in case account close before expiry of 2 year and 1% after expiry of 2 years. d) All the above

Description : Mark the correct option a) No subsequent withdrawal is allowed in SCSS account before expiry of 5 years b) Premature closer is permitted after expiry on one year c) A deduction will be made 1.5% of the ... case account close before expiry of 2 year and 1% after expiry of 2 years. d) All the above

Last Answer : d) All the above

5% bonus on initial deposit of MIS account allowed an account opened between a) 08 Dec 2007 to 30 Nov 2011 b) 13 Feb 2006 to 30 Nov 2011 c) Before 13 Feb 2006 d) None of these

Description : 5% bonus on initial deposit of MIS account allowed an account opened between a) 08 Dec 2007 to 30 Nov 2011 b) 13 Feb 2006 to 30 Nov 2011 c) Before 13 Feb 2006 d) None of these

Last Answer : a) 08 Dec 2007 to 30 Nov 2011

Mark the correct option MIS account opened on or after 01 Apr 12 a) The rate of interest shall be 8.5 % per annum payable monthly. b) No withdrawal will be allowed before expiry of maturity period 5 years c) No bonus shall be payable d) All the above

Description : Mark the correct option MIS account opened on or after 01 Apr 12 a) The rate of interest shall be 8.5 % per annum payable monthly. b) No withdrawal will be allowed before expiry of maturity period 5 years c) No bonus shall be payable d) All the above

Last Answer : d) All the above

Mark the correct option a) Withdrawal will be allowed 50% deposited amount in RD account after one year and after 12 monthly deposit. b) No withdrawal is allowed in discontinued RD accounts c) 10% interest will be charged on loan amount d) If the repayment with interest is made on or before the 10th of the month, no interest shall be payable for that monthe) All the above

Description : Mark the correct option a) Withdrawal will be allowed 50% deposited amount in RD account after one year and after 12 monthly deposit. b) No withdrawal is allowed in discontinued RD accounts c) 10% interest ... the 10th of the month, no interest shall be payable for that month e) All the above

Last Answer : e) All the above

Mark the incorrect option a) No further transaction will be allowed in silent account b) The silent account cannot be revived should be closed c) The silent account can be revived by transaction and submitting an application. d) None of these

Description : Mark the incorrect option a) No further transaction will be allowed in silent account b) The silent account cannot be revived should be closed c) The silent account can be revived by transaction and submitting an application. d) None of these

Last Answer : b) The silent account cannot be revived should be closed

Mark the correct option a) No subsequent deposit allowed less than Rs 5 in saving account b) No withdrawal is allowed less than Rs 5 c) No withdrawal shall be permitted which has the effect reducing the balance to less than fifty in single account and less than 500 in cheque account d) All the above

Description : Mark the correct option a) No subsequent deposit allowed less than Rs 5 in saving account b) No withdrawal is allowed less than Rs 5 c) No withdrawal shall be permitted which has the effect reducing the ... to less than fifty in single account and less than 500 in cheque account d) All the above

Last Answer : d) All the above

A practicing CPA is allowed by the CPA Code of Ethics to do the following except: a. Announce the change in office location in a newspaper. b. List his firm name in the building lobby directory in good taste and modest size. c. Include his tax account number and membership in PICPA on his stationary. d. List his office telephones in the PLDT directory to box or bold type

Description : A practicing CPA is allowed by the CPA Code of Ethics to do the following except: a. Announce the change in office location in a newspaper. b. List his firm name in the building lobby directory in ... in PICPA on his stationary. d. List his office telephones in the PLDT directory to box or bold type

Last Answer : List his office telephones in the PLDT directory to box or bold type

Would you say there just might be a real problem with a school test if parents aren't allowed to see them, even after they're done?

Description : Would you say there just might be a real problem with a school test if parents aren't allowed to see them, even after they're done?

Last Answer : answer:It depends on what the test is used for. Evaluation of the school or the teacher or the curriculum? Okay. Placement of the child or grading of the child? Okay to keep confidential, ... both inconsistent with the child's general achievement level, and also acts to the detriment of the child.