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Quizzes on Commerce

Quiz No. 8 (Terminology of Commerce)

Read the following Paragraphs and answer the following Questions Teamwise

Cash Discount: A cash discount is a deduction allowed by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time. The seller or provider often refers to the cash discount as a sales discount. The buyer often refers to the same discount as a purchase discount. The cash discount is also known as an early payment discount.

Cash Transactions: Cash transactions are ones that are settled immediately in cash. Cash transactions also include transactions made through cheques. Cash transactions may be classified into cash receipts and cash payments.
Cash receipts are accounted for by debiting cash / bank ledger to recognize the increase in the asset.
Cash payments are accounted for by crediting the cash / bank ledger to account for the decrease in the asset.

Cash against Document: A payment arrangement in which an exporter instructs a bank to hand over shipping and title documents to the importer when the importer fully pays the accompanying bill of exchange or draft. Also called documents against payment.

Cheque, Crossed: A crossed check is any check that is crossed with two parallel lines, either across the whole check or through the top left-hand corner of the check. This symbol means that the check can only be deposited directly into a bank account and cannot be immediately cashed by a bank or any other credit institution.

(Start Quiz) Team 1



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