Author Question: A characteristic of the Sales Discount account is: a. It has a Debit Normal Balance b. It is a ... (Read 82 times)

schs14 · **on:** Jul 6, 2018

A characteristic of the Sales Discount account is:
a. It has a Debit Normal Balance
b. It is a Contra-Asset Account
c. It records cash discounts given to customers for prompt payment
d. A & C

Question 2

Which of the following characteristics best distinguishes a government entity from a business entity?

A. Governments operate in a very small section of the economy while businesses operate globally.
B. Cost analysis and other control and evaluation techniques are essential to ensure that resources are used economically and efficiently.
C. Those contributing resources to the entity do not necessarily receive a direct or proportionate share the services.
D. Businesses must acquire and convert scarce resources while governments can demand whatever they need.