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Match the Following Definitions and Terms

Question 213

Matching

Match the following definitions and terms:

Premises:
Periodic inventory system
Selling expenses
Perpetual inventory system
Credit memorandum
Credit period
Credit terms
Debit memorandum
Discount period
Gross profit
Sales discount
Responses:
Net sales less cost of goods sold.
An accounting method that updates the accounting records for merchandise transactions only at the end of a period.
The time period in which a cash discount is available and a reduced payment can be made by the buyer.
A notification that the sender has debited the recipient's account kept by the sender.
A notification that the sender has credited the recipient's account kept by the sender.
The expenses of promoting sales, by displaying and advertising merchandise, making sales, and delivering goods to customers.
The description of the amounts and timing of payments from a buyer to a seller.
A cash discount granted to customers for paying within the discount period.
The amount of time allowed before full payment is due.
An accounting method that continually updates accounting records for merchandise transactions.

Correct Answer:

Periodic inventory system
Selling expenses
Perpetual inventory system
Credit memorandum
Credit period
Credit terms
Debit memorandum
Discount period
Gross profit
Sales discount
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