Can you tell me the statement is correct or not?:Discounts are captured as a negative number representing amount to be saved

Yes, the statement is correct.

In accounting and finance, discounts are often represented as negative numbers. This is because they reduce the amount of money that a customer needs to pay, or the amount of revenue that a business receives.

Here's a step-by-step explanation:

1. Let's say a product costs $100.
2. The seller decides to offer a 10% discount on this product.
3. This discount would be calculated as 10/100 * $100 =$10.
4. To represent this discount, the seller would record it as -$10. This is a negative number, showing that it reduces the total amount of money received.
5. So, when the customer comes to pay, they would pay $100 -$10 = $90. The -$10 discount has been subtracted from the original price.
6. Therefore, the statement "Discounts are captured as a negative number representing amount to be saved" is correct.