TRUE OR FALSE

13. 14. When the perpetual inventory system is used, a physical inventory need not be taken at the end of the year. Current assets are resources which could be converted into cash within one year (1) year or one (1) operating cycle, whichever is longer. The credit terms 3/15, n/45, gives the buyer an opportunity to get a 15% discount if payment is made within 3 days after purchase. The discount period of a buyer with the term 2/10, n/30 is equal to thirty (30) days. 15. 16