Matching
Match each definition to its term
Premises:
The abbreviation for free on board; refers to the point when ownership of goods passes to the buyer
A ratio used to assess a company's ability to pay its current liabilities; defined as quick assets divided by current liabilities
Inventory losses that can occur as a result of theft or deterioration
The catalog price of an item before any trade discount is deducted
An income statement format that shows detailed computations of net sales and other costs and expenses and reports subtotals for various classes of items
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
Products a company owns and intends to sell
The expenses of promoting sales by displaying and advertising merchandise, making sales and delivering goods to customers
Expenses that support overall operations and includes expenses related to accounting, human resource management and financial management
Responses:
Acid-test ratio
Single-step income statement
FOB
Merchandise inventory
General and administrative expenses
EOM
Inventory shrinkage
Multiple-step income statement
List price
Selling expenses
Correct Answer:
Premises:
Responses:
The abbreviation for free on board; refers to the point when ownership of goods passes to the buyer
A ratio used to assess a company's ability to pay its current liabilities; defined as quick assets divided by current liabilities
Inventory losses that can occur as a result of theft or deterioration
The catalog price of an item before any trade discount is deducted
An income statement format that shows detailed computations of net sales and other costs and expenses and reports subtotals for various classes of items
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
Products a company owns and intends to sell
The expenses of promoting sales by displaying and advertising merchandise, making sales and delivering goods to customers
Expenses that support overall operations and includes expenses related to accounting, human resource management and financial management
Premises:
The abbreviation for free on board; refers to the point when ownership of goods passes to the buyer
A ratio used to assess a company's ability to pay its current liabilities; defined as quick assets divided by current liabilities
Inventory losses that can occur as a result of theft or deterioration
The catalog price of an item before any trade discount is deducted
An income statement format that shows detailed computations of net sales and other costs and expenses and reports subtotals for various classes of items
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
Products a company owns and intends to sell
The expenses of promoting sales by displaying and advertising merchandise, making sales and delivering goods to customers
Expenses that support overall operations and includes expenses related to accounting, human resource management and financial management
Responses:
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
Q197: Match the following terms with the appropriate
Q198: Match the following definitions and terms by
Q199: 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
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents