Short Answer Questions Attempt Any 5 of the following questions. (3x5) 1. Define revenue centers, and explain their roles in financial reporting. 2. What do you mean by discount? Differentiate between trade discount and cash discount. 3. What do you mean by lease ? Write down about various types of lease arrangements. 4. A $5200 invoice for storeroom food provisions is received with terms of 2/10, n/30. The invoice is paid within the discount period. What is the amount of cash discount? 5. Non bank credit card vouchers totalling 4000 were remitted to a private credit cars company. The entry at that time was a debit to Account receivable for 60000 and a credit to sales for 4000. A cheque is received from credit card company for 54000 representing payment in full for these vouchers less a 6000 credit card fee. Journalise the entry to recorded upon receipt of the cheque. 6. Convert the following monthly salary to an hourly rate (three point decimals). The workweek is 37.5 hours a. 2500$ b. 4400$ c. 3550$