What Would Be the Value of DiscountRate After the Following

question 40

Multiple Choice

What would be the value of discountRate after the following statements are executed?
Double discountRate = 0.0;
Int purchase = 1250
Char cust = 'N';
If (purchase > 1000
If (cust == 'Y')
DiscountRate = 0.05;
Else
DiscountRate = 0.04;
Else if (purchase > 750)
If (cust == 'Y')
DiscountRate = 0.04;
Else
DiscountRate = 0.03;
Else
DiscountRate = 0.0;

• A) 0.0
• B) 0.04
• C) 0.05
• D) 0.03

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Definitions:

Accounts Receivable

Amounts owed to a business by its customers for goods or services delivered on credit.

Revenue Recognition

A principle guiding how and when revenue is recognized in the accounting records, generally when earned and realizable.

Economic Substance

The underlying economic or commercial purpose of a transaction, which must exist for it to be recognized for tax or accounting purposes.

Legal Form

Refers to the legal structure or type of business entity, such as corporation, partnership, sole proprietorship, etc., which determines legal liabilities and taxation methods.