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Basic Concepts of Financial Accounting for CPA Exam |
Cash discount sometimes called prompt payment discount. It is the difference between the trading (buying and selling) price of the goods sold and the amount actually paid for them. Cash discount is also called settlement discount as it is used to settle the outstanding balances of the supplier or customer as the case may be.
Keywords: examples, explanation, sales ledger, cash budget example, difference between capital and revenue expenditure, credit note definition, amortization and depletion, explanation of depreciation, accounting treatment for provisions, balance sheet extract
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