1 A cash discount is best described as a reduction in the sum to be paid (A) If payment is made within a previously agreed period (B) If payment is made by cash, not cheque (C) If payment is made...

1

A cash discount is best described as a reduction in the sum to be paid

(A) If payment is made within a previously agreed period

(B) If payment is made by cash, not cheque

(C) If payment is made either by cash or cheque

(D) If purchases are made for cash, not on credit.

2

Discounts received are

(A) Deducted when we receive cash

(B) Given by us when we sell goods on credit

(C) Deducted by us when we pay our accounts

(D) None of these.