True/False Questions 1. In the purchasing process, the purchase invoice is the first document prepared. 2. A sales invoice prepared by the seller is called a purchase invoice by the buyer. 3. A trade...

1. In the purchasing process, the purchase invoice is the first document prepared.

2. A sales invoice prepared by the seller is called a purchase invoice by the buyer.

3. A trade discount is a reduction from the list or catalog price offered to different classes of customers.

4. Purchases Returns and Allowances is debited when merchandise is returned for credit.

5. FOB shipping point means that transportation charges are paid by the seller.