The Terms of Sale Generally Include Which of the Following

question 71

Multiple Choice

The terms of sale generally include which of the following?
I.type of credit instrument
II.cash discount
III.credit period
IV.discount period

• A)I and III only
• B)II and IV only
• C)III and IV only
• D)II, III, and IV only
• E)I, II, III, and IV

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Definitions:

Land

The surface of the earth, considered as property and a basis for real estate transactions.

Successful-efforts Method

An accounting approach used in the oil and gas industry to capitalize only those costs associated with successfully locating new oil and natural gas reserves.

Full-cost Method

An accounting practice where all direct and indirect costs of producing an asset are capitalized and then amortized over time.

IFRS

IFRS stands for International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is globally recognized for preparing financial statements.