Sales Discounts and Allowances

question 96

Multiple Choice

Sales discounts and allowances:

• A)When properly recorded will reduce net profit.
• B)When properly recorded will increase net profit.
• C)Will not affect net profit.
• D)Are always immaterial and need not be recorded.

---

Definitions:

Colony

A territory under the immediate political control of a state, distinct from the sovereign territory of that state.

Joint Chiefs of Staff

A body of senior uniformed leaders in the United States Department of Defense who advise the President, the Secretary of Defense, and the National Security Council on military matters.

Korea

A peninsula in East Asia, divided into North and South Korea, each with distinct governments and systems.

Strategic Value

The importance or utility of something in achieving a plan, goal, or objective, especially in a competitive or challenging environment.