Solved

Match the Following Terms with the Appropriate Definition

Question 220

Matching

Match the following terms with the appropriate definition.

Premises:
Cash
Cash equivalent
Check protector
Discounts lost
Liquid assets
Internal control system
Sarbanes-Oxley Act
Vendor
Purchase requisition
Invoice
Responses:
The set of policies and procedures managers use to monitor and control business activities.
The supplier (seller) of goods or services.
An expense used under the net method of accounting for purchases resulting from failure to take advantage of cash discounts offered.
Currency, coins, and amounts on deposit in bank accounts.
An asset such as cash that can be readily used to settle near-term obligations.
Regulation requiring public companies to document and certify their system of internal controls.
An internal document listing the goods needed by a department and requesting that the goods be purchased.
Short-term, highly liquid investments that are readily convertible to a known cash amount and are sufficiently close to their maturity date so that the market value is not sensitive to interest rate changes.
A bill sent from the supplier to the buyer.
A device that perforates the amount of a check into its face, making it

Correct Answer:

Cash
Cash equivalent
Check protector
Discounts lost
Liquid assets
Internal control system
Sarbanes-Oxley Act
Vendor
Purchase requisition
Invoice
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