When a Discount Is Taken for Prompt Payment Under a Periodic

question 163

Multiple Choice

When a discount is taken for prompt payment under a periodic inventory system, the purchaser would credit:

• A)Accounts Payable.
• B)Accounts Receivable.
• C)Purchases Discounts.
• D)Inventory.

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Definitions:

Particular Task

A specific duty or responsibility assigned to someone as part of their job or role.

Situational Leadership Theory

A leadership model proposed by Hersey and Blanchard which suggests that the most effective leadership style varies with the readiness or development level of the followers.

Consideration Concerns

involve being mindful and accommodating of the feelings, needs, and interests of others.

Structure Concerns

Refers to issues or considerations related to the organization, layout, or framework of a system or entity.