Trade Discount is a reduction granted by a supplier from the list price of goods/ m services on business considerations for prompt payment. [Nov. 2019, 2 Marks]
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Accounting ProcessQuestion 5000 of 84
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Detailed Solution & Explanation
False: Trade discount is a reduction granted by a supplier from the list price of goods or
services on business considerations for increasing the sales of the business or as trade
practice other than for prompt payment.
About This Chapter: Accounting Process
Paper
Paper 1: Accounting
Weightage
25-30%
Key Topics
Journal, Ledger, Trial Balance, Cash Book, Rectification
This chapter covers Journal, Ledger, Trial Balance, Cash Book, Rectification and is part of Paper 1: Accounting in the CA Foundation exam.
View Official ICAI SyllabusExam Strategy Tip
This topic carries 25-30% weightage. Focus on understanding core concepts rather than memorizing.
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