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3/7 EOM - this means the buyer will receive a cash discount of 3% if the bill is paid within 7 days after the end of the month indicated on the invoice date. If an invoice is received on or before the 25th day of the month, payment is due on the 7th day of the next calendar month.
Gross sales are the sum of all sales during a time period. Net sales are gross sales minus sales returns, sales allowances, and sales discounts. Gross sales do not normally appear on an income statement. The sales figures reported on an income statement are net sales. [4] sales returns are refunds to customers for returned merchandise / credit ...
Quizlet's primary products include digital flash cards, matching games, practice electronic assessments, and live quizzes. In 2017, 1 in 2 high school students used Quizlet. [ 4 ] As of December 2021, Quizlet has over 500 million user-generated flashcard sets and more than 60 million active users.
Accounting standards are currently set by the Financial Accounting Standards Board and were historically set by the American Institute of Certified Public Accountants (AICPA) subject to U.S. Securities and Exchange Commission (SEC) regulations. [7] Auditors took the leading role in developing GAAP for business enterprises. [8]
In marketing, a scan-back allowance is an amount paid by a manufacturer to retailers based on the amount of the product sold at a special reduced price for a specified length of time. [ 1 ] References
A Cash receipts journal is a specialized accounting journal and it is referred to as the main entry book used in an accounting system to keep track of the sales of items when cash is received, by crediting sales and debiting cash and transactions related to receipts. Sales on account are booked instead in the sales journal. [1]
In accounting, the revenue recognition principle states that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. It is a cornerstone of accrual accounting together with the matching principle. Together, they determine the accounting period in which revenues and expenses are recognized. [1]
An allowance is an amount of money given or allotted usually at regular intervals for a specific purpose. [1] In the context of children, parents may provide an allowance ( British English : pocket money ) to their child for their miscellaneous personal spending.