Solved

Match the Following Definitions and Terms by Placing Number Next

Question 198

Matching

Match the following definitions and terms by placing number next to the term.

Premises:
Acid-test ratio
EOM
Merchandise inventory
Selling expenses
Multiple-step income statement
Inventory shrinkage
General and administrative expenses
Single-step income statement
FOB
List price
Responses:
The abbreviation for free on board; refers to the point when ownership of goods passes to the buyer
Products a company owns and intends to sell
An income statement format that shows detailed computations of net sales and other costs and expenses and reports subtotals for various classes of items
A ratio used to assess a company's ability to pay its current liabilities; defined as quick assets divided by current liabilities
Expenses that support overall operations and includes expenses related to accounting, human resource management and financial management
An income statement format that shows only one subtotal for total expenses
The abbreviation for end-of-month; used to describe credit terms for some transactions
The expenses of promoting sales by displaying and advertising merchandise, making sales and delivering goods to customers
Inventory losses that can occur as a result of theft or deterioration
The catalog price of an item before any trade discount is deducted

Correct Answer:

Acid-test ratio
EOM
Merchandise inventory
Selling expenses
Multiple-step income statement
Inventory shrinkage
General and administrative expenses
Single-step income statement
FOB
List price
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