Matching
Match the following definitions and terms by placing the number that identifies the best definition in the blank space next to the term.
Premises:
The description of the amounts and timing of payments from a buyer to a seller.
A cash discount granted to customers for paying within the discount period.
The time period in which a cash discount is available and a reduced payment can be made by the buyer.
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.
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.
The amount of time allowed before full payment is due.
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.
Responses:
Sales discount
Credit memorandum
Periodic inventory system
Discount period
Gross profit
Perpetual inventory system
Selling expenses
Credit period
Credit terms
Debit memorandum
Correct Answer:
Premises:
Responses:
The description of the amounts and timing of payments from a buyer to a seller.
A cash discount granted to customers for paying within the discount period.
The time period in which a cash discount is available and a reduced payment can be made by the buyer.
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.
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.
The amount of time allowed before full payment is due.
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.
Premises:
The description of the amounts and timing of payments from a buyer to a seller.
A cash discount granted to customers for paying within the discount period.
The time period in which a cash discount is available and a reduced payment can be made by the buyer.
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.
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.
The amount of time allowed before full payment is due.
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.
Responses:
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