Accounting · Discounts

Identify the correct combination of True (T) and False (F) for the following statements regarding trade and cash discounts: (i) Trade discount allowed to customers should be included as an expense in the statement of profit or loss. (ii) Early settlement discount allowed to credit customers is deducted from the invoice value at the point of sale when the customer is not expected to take advantage of it. (iii) Early settlement discount earned from suppliers should be included in the statement of profit or loss.