Credit Terms of 1/10 Net 30 Means That the Buyer

question 23

True/False

Credit terms of 1/10 net 30 means that the buyer may take a 10% discount (1/10)if the bill in paid within 30 days.

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Definitions:

ROA

Return on Assets, a financial ratio indicating how profitable a company is relative to its total assets.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that companies use for financial reporting.

GAAP

General Accepted Accounting Principles, which are a set of accounting standards and procedures used in the US to ensure consistency in financial reporting.

U.S. Standards

Guidelines or norms established in the United States for various activities or products, often referring to quality and safety criteria.