Matching
Match the following definitions with correct terms
Premises:
A widely used income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses.
A measure of a company’s ability fo pay ifs current liabilities that excludes less liquid current assets such as inventory and prepaid expenses.
The expenses that support a company's overall operations and include costs related to accounting, human resource management and financial management.
The point of transfer from seller to buyer that fakes place when the goods arrive at the buyer's place of business.
The expenses of promoting sales by displaying and advertising merchandise, making sales, and delivering goods to customers
An income statement format that shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classe of items.
Products a company owns and intends fo sell
The point of transfer from seller fo buyer that fakes place when goods depart the sellers place of business
Inventory losses that can occur as a result of theft or deterioration and require an adjusting entry to account for those losses.
A given percent deducted from a list price often granted fo customers purchasing large quantities of merchandise
Responses:
Selling expenses
Inventory shrinkage
Merchandise inventory
FOB destination
General and administrative expenses
FOB shipping point
Acid-test ratio
Multiple-step income statement
Trade discount
Single-step income statement
Correct Answer:
Premises:
Responses:
A widely used income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses.
A measure of a company’s ability fo pay ifs current liabilities that excludes less liquid current assets such as inventory and prepaid expenses.
The expenses that support a company's overall operations and include costs related to accounting, human resource management and financial management.
The point of transfer from seller to buyer that fakes place when the goods arrive at the buyer's place of business.
The expenses of promoting sales by displaying and advertising merchandise, making sales, and delivering goods to customers
An income statement format that shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classe of items.
Products a company owns and intends fo sell
The point of transfer from seller fo buyer that fakes place when goods depart the sellers place of business
Inventory losses that can occur as a result of theft or deterioration and require an adjusting entry to account for those losses.
A given percent deducted from a list price often granted fo customers purchasing large quantities of merchandise
Premises:
A widely used income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses.
A measure of a company’s ability fo pay ifs current liabilities that excludes less liquid current assets such as inventory and prepaid expenses.
The expenses that support a company's overall operations and include costs related to accounting, human resource management and financial management.
The point of transfer from seller to buyer that fakes place when the goods arrive at the buyer's place of business.
The expenses of promoting sales by displaying and advertising merchandise, making sales, and delivering goods to customers
An income statement format that shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classe of items.
Products a company owns and intends fo sell
The point of transfer from seller fo buyer that fakes place when goods depart the sellers place of business
Inventory losses that can occur as a result of theft or deterioration and require an adjusting entry to account for those losses.
A given percent deducted from a list price often granted fo customers purchasing large quantities of merchandise
Responses:
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