If an Invoice States 2/10, N/45, the 10 Refers to The

question 76

Multiple Choice

If an invoice states 2/10, n/45, the 10 refers to the:

• A)percent that can be taken for the discount.
• B)days in the discount period.
• C)days in which to pay the bill in full.
• D)percent of the bill that has to be paid in the discount period.

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Definitions:

Functional Currency

The currency of the primary economic environment in which an entity operates and generates cash flows.

Pound Sterling

The official currency of the United Kingdom, which is one of the world's oldest continuously used currencies.

Consolidated Sales

Consolidated sales refer to the total revenue generated from all divisions, subsidiaries, and affiliated companies of a parent company, combined into a single figure.

Functional Currency

The currency of the primary economic environment in which a company operates, used in its financial reporting.