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Accounts Receivable

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1. The two major sources of short-term financing are
a) a line of credit and accounts payable
b) accounts payable and accruals
c) a line of credit and accruals
d) accounts receivable and notes payable

2. Tangshan Mining was extended credit terms of 3/15 net 30 EOM. The cost of giving up the cash discount, assuming payment would be made on the last day of the credit period, would be(assume that working days are 365 days)

a) 75.26%.
b) 18.56%.
c) 72.99%
d) 37.12%

3. 1/15 net 30 date of invoice translates as

a) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due in 30 days after the middle of the month
b) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due 30 days after the invoice date
c) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due 30 days after the end of the month
d) a 1 percent discount may be taken on 15 percent of the purchase if the account is paid within 30 days after the end of the month

4. A firm purchased goods on January 27 with a purchase price of $1,000 and credit terms of 2/10 net 30 EOM. The firm paid for these goods on February 9. The firm must pay _____ for the goods

a) $1,000
b) $980
c) $800
d) $900

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