34. The credit terms 2/10, n/30 are in balance due in 30 days. B, 10: cash C. 30% discount ifpaid within 2 days. D. 30% discount ifpaid within 10 days. E. 2% discount if paid within 30 days. discount if the amount is paid within 10 days, with the balance due in 30 days. if the amount is paid % cash discount 35. The Income Summary account is used A. To adjust and update asset and liability accounts. B. To close the revenue and expense accounts C. To determine the appropriate dividend amount. D. In some situations to replace the income statement. E. To replace the retained earnings account in some businesses. 36. Which of the following is the primary purpose of accounting? A. To establish a business. B. To identify, record, and communicate business transactions. C. To earn a large profit. D. To reduce taxes owed for the business. E. To establish credit for a company. 37. The full disclosure principle: A. Requires that when a change in inventory valuation method is made, the notes to the f statements report the type of change, why it was made, and its effect on net income. B. Requires that companies use the same accounting method for inventory valuation per C. Is not subject to the materiality principle. D. Is only applied to retailers. E. Is also called the consistency principle. 38. Net income: A. Occurs when revenues exceed expenses. B. Is the same as revenue. C. Equals resources owned or controlled by a company. D. Occurs when expenses exceed assets. E. Represents assets taken from a company for an owner's personal use. 39. The useful life of a plant asset is: A. The length of time it is used productively in a company's operations. B. Never related to its physical life. C. Its productive life, but not to exceed one year. D. Determined by the FASB E. Determined bul