Match the terms with the definitions.
-A physical count of goods on hand.

Question

Quizplus · Accepted Answer

Physical inventory refers to the process of physically counting and verifying the quantity of goods on hand. A contra-cost account is an account that is offset against a related cost account, such as a sales returns and allowances account. A contra-revenue account is an account that is offset against a related revenue account, such as a sales discounts account. Unearned revenue is a liability account representing the advance receipts for goods or services to be provided in the future.

Match the Terms with the Definitions