Question: Section A: Multiple Choice Questions. (4X0.5Mark=2Marks) 1. On June 1, OMR 800 of goods are sold with credit terms of 1/10, n/30. How much should

Section A: Multiple Choice Questions. (4X0.5Mark=2Marks) 1. On June 1, OMR 800 of goods are sold with credit terms of 1/10, n/30. How much should the seller expects to receive if the buyer pays on June 8?: a. OMR 720 b. OMR 784 c. OMR 792 d. None of the above 2. The trade discount is given to customers for: a. Faster payments c. Frequent purchases b. Bulk purchases d. None of them 3. Under direct write off method, which account is debited when a company writes off one of its accounts receivable? a. Allowance for Doubtful Accounts. b. Accounts Receivable. c. Bad debt expense. d. None of the above. 4. Allowance for doubtful accounts is an example of: a. Asset account. b. Liability account. c. Contra asset account. d. Contra revenue account

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