Manufacturers, distributors, wholesalers, and retailers usually sell goods on credit rather than for cash. An invoice for the goods is sent, and the seller specifies payment terms on the invoice. These payment terms indicate when the invoice amount is due for payment and how much is to be paid. The business selling the goods can offer a cash discount to encourage prompt payment. This discount reduces the amount to be paid, and is based on the original amount of the invoice, the discount rate, and the timing of the payment or payments. Question: Discuss the above statement by answering the following: 1- Elucidate the importance of discount for buyers and sellers. 2- Specify the type of discount debated in the statement and the required conditions to be applied. 600 word limit As time goes by, the usefulness or productivity of the assets, except land, decreases. Think of this decrease as a loss of revenue earning power. Accordingly, the cost of these assets is distributed over their useful life to coincide with the revenue earned. Question Discuss the above statement in your own words Word limit 600 word