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Question

 Cash discount is ___________.


A
Given to encourage prompt payment 
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B
Amount deducted from list price
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C
Not required to be shown in books of accounts
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D
All of the above
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Solution

The correct option is A Given to encourage prompt payment 
Amount which is deducted by the seller from the amount due at the time of the receipt is called cash discount. it is given to encourage prompt payment.

Fundamentals of Accounting and Auditing

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