The net method of recording sales and purchases subtracts the discount immediately when the goods are sold or purchased and records them at the net amount.

True

False

A buyer who acquires merchandise under credit terms of 1/10, n/30 has 30 days after the invoice date to take advantage of the sales discount.

True

False

Sales to customers who use bank credit cards, such as MasterCard and VISA, are generally treated as credit sales.

True

False

A merchandising business sells services and a service business sells products.

True

False

A single-step income statement would be more useful to a stockholder or some other nonaccountant.

True

False