a) Name two long term liabilities. b) What do mean by Trade Receivables?
c) Define Accounting?
d) What are objectives of Accounting?
e) What is Trade Discount?
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A) 1. bank loan 2. Mortgages B)Trade receivables are amounts billed by a business to its customers when
it delivers goods or services to them in the ordinary course of
business. C) it is a systematic process of identifying, recording,measuring, classifying, verifying,summarising, interpreting and communicating financial information. D)1. to keep systematic record, 2. to protect business properties, 3.to asertain the operational profit or loss, 4.to facilitate the decision making. E)A trade discount is the amount by which a manufacturer reduces the
retail price of a product when it sells to a reseller, rather than to
the end customer. The reseller then charges the full retail price to its
customers in order to earn a profit on the difference between the
amount by which the manufacturer sold the product to it and the price at
which it then sells the product to the final customer. The reseller
does not necessarily resell at the suggested retail price; selling at a
discount is a common practice, if the reseller wishes to gain market
share or clear out excess inventory.
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