An invoice received from a supplier for $8,000 on January 1 with terms 1/15, n/30 means that the company should pay
a. $7,920 before the end of January.
b. either $7,920 before January 16 or $8,000 before the end of the month.
c. $8,000 between January 2 and January 16.
d. $6,800 before January 16.
b
You might also like to view...
Which test is a legal means to test the integrity of job applicants and generally involves asking applicants directly about their attitudes toward theft and their own experiences with theft?
A. in-basket test B. personality inventory test C. cognitive ability test D. paper-and-pencil honesty test E. polygraph test
In Southern China, McDonald's is careful not to advertise prices with multiple occurrences of the number 4 because:
A) prices ending in odd numbers are preferred in China. B) there is no number four in the Chinese language. C) the word four is pronounced similar to the word death in Cantonese. D) multiple occurrences are considered as unlucky in China. E) prices are not included on menus in China.
Safety rules are important refinements of the general safety policies issued by top management.
Answer the following statement true (T) or false (F)
Which of the following would not be a reason to lower the threshold for materiality?
a. The auditor is concerned with potential violations of debt covenants. b. There were proposed adjusting entries to a particular account in prior years. c. The consequences of a potential misstatement in an account balance are very high. d. The audit team wants to limit the amount of time spent at the client's facilities.