Accounting Quiz or Test Your Accounting Knowledge On Discounts, Bad Debts and Provisions

July 21st, 2010 Comments off
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Refresh or test your accounting knowledge by answering the following questions on Discounts, Bad Debts and Provisions

 QUESTIONS:

1.0    Distinguish between trade discount, cash discount and settlement discount

2.0    How is cash discount treated for accounting purposes?

3.0    How are bad debts treated for accounting purposes?

4.0    A decrease in the provision for doubtful debts is recorded as an expense in the income statement – true or false

5.0    How is a provision for doubtful debts disclosed in the balance sheet?

 

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