Sales of $2,500 Subject to Terms 2/10, Net 30 Could

question 64

True/False

Sales of $2,500 subject to terms 2/10, net 30 could end up being reported on the statement of financial position as an account receivable at an amount greater than $2,500 if the discount isn't taken by the buyer.

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Definitions:

System-1 Human Response

The fast, automatic, and often subconscious way of thinking as described in dual-process theories of cognition.

Intentions

Plans or aims that guide one's actions, reflecting what individuals intend to do.