$,$ a$.$ True

b$.$ False

$21.$ A seller may grant a buyer a reduction in selling price for early payment of a sales invoice, and this is called a sales discount.

a$.$ True

$-$b$.$ False

$24.$ A buyer who acquires merchandise under credit terms of $\frac{1}{10},\frac{n}{30}$ has $30$ days after the invoice date to take advantage of the sales discount.

a$.$ True

b$.$ False

Inventory is classified on the balance sheet as a

a$.$ current liability

b$.$ current asset

c$.$ long$-$term asset

long$-$term liability