If an Invoice States 5/15,n/60,the 15 Refers to The

question 17

Multiple Choice

If an invoice states 5/15,n/60,the 15 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:

Net Income

The total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue, indicating the company's actual profitability over a specific period.

Sarbanes-Oxley Act

The Sarbanes-Oxley Act is a United States federal law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures.

Internal Controls

Procedures and processes implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Documentation

The process of creating, compiling, and maintaining records and detailed information.