Solved

Match the Following Terms with the Appropriate Definition

Question 197

Matching

Match the following terms with the appropriate definition

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

Correct Answer:

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

Q166: A _ is a document the buyer

Q181: _ are non-operating activities that include interest,dividend,and

Q186: The agreement regarding the amounts and timing

Q187: _ expenses are those expenses that support

Q189: _ refer to merchandise that customers return

Q198: Match the following definitions and terms by

Q199: Match each definition to its term

Q200: Match each definition to its term

Q250: Inventory shrinkage can be computed by comparing

Q255: FOB _ means ownership of goods transfers

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents