Offset refers to the use of a specialized third-party trading house in a countertrade arrangement
Indicate whether the statement is true or false.
FALSE
An offset, a type of countertrade, is similar to a counterpurchase insofar as one party agrees to purchase goods and services with a specified percentage of the proceeds from the original sale. The difference is that this party can fulfill the obligation with any firm in the country to which the sale is being made
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An invoice, with payment terms of 2/10, n/30, was issued on April 28 for $235.00. If the payment was made on May 12, the amount of payment will be ________. (Round your answer to the nearest cent.)
A) $235.00 B) $211.50 C) $230.30 D) $233.00
A company's accountant capitalized a payment that should have been recorded as a revenue expenditure. How will this error affect the company's financial statements?
A) Net income will be understated. B) Expenses will be overstated. C) Assets will be overstated. D) Liabilities will be overstated.