Author Question: When merchandise inventory is shown on the balance sheet, both the method of determining the cost of ... (Read 68 times)

tichca · **on:** Jul 5, 2018

When merchandise inventory is shown on the balance sheet, both the method of determining the cost of theinventory and the method of valuing the inventory should be shown.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Which statement below best explains the credit terms of 2/15, n/30?

A) The buyer will receive a 15 percent discount if it pays within two days of the purchase.
B) The buyer will receive a 15 percent discount if it pays within thirty days.
C) The buyer will receive a 2 percent discount if it pays within fifteen days.
D) The buyer will receive a 2 percent discount if it pays within thirty days.