Companies should recognize inventory as an expense when purchased.

True or False

A decline in gross profit percentage can be caused by selling fewer units to customers

True or False

The discount period for payment is always shorter than the credit period

True or False

If a firm using the periodic inventory system sells merchandise for $320,000 that originally cost $160,000, the firm will debit Sales Revenue for $320,000

True or False

In specifying credit terms, 2/10, n/30 means that one-half of the invoice must be paid in 10 days, with the net balance due in 30 days

True or False