Having completed this module you will be able to:
State what purchase on credit is.
Recall the stages involved when purchasing on credit.
Explain what is meant by purchase on cash.
List the stages involved when doing a sales-on credit transaction.
Outline how cash sales affect assets.
Indicate what unearned revenues are.
Recognize what prepaid expenses are.
Distinguish between unrecorded expenses and unrecorded revenues.
State what Accumulated depreciation or amortization is.
List the key terms associated with Accumulated depreciation or amortization.
State what a discount is.
Distinguish between Trade discount and Cash discount.