What is a trade discount and how is it accounted for in accounting records?
Question:
What is a trade discount and how is it accounted for in accounting records?
Financial Reports:
The financial reports are the result of the journal entries, where every detail of the transactions was recorded. The financial reports express the financial position of the company to all the stakeholders and help them make decisions.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerA trade discount is a price reduction offered by a vendor to a purchaser who is also involved in the same line of business. The main goal of a trade...
See full answer below.
Learn more about this topic:
from
Chapter 2 / Lesson 19Learn what financial reporting is and how to use a financial report for analysis. See a financial report example containing the three core financial statements.