Solved

Match the Following Definitions and Terms by Placing the Letter

Question 189

Matching

Match the following definitions and terms by placing the letter for the terms A through J in the blank space next to the best definition.

Premises:
The catalog price of an item before any trade discount is deducted.
An income statement format that shows only one subtotal for total expenses.
The expenses of promoting sales by displaying and advertising merchandise, making sales, and delivering goods to customers.
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 abbreviation for end-of-month; used to describe credit terms for some transactions.
Expenses that support overall operations and includes expenses related to accounting, human resource management and financial management.
An income statement format that shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classes of items.
Products a company owns and intends to sell.
Responses:
Merchandise inventory
Multiple-step income statement
List price
EOM
Inventory shrinkage
Selling expenses
Acid-test ratio
Single-step income statement
General and administrative expenses
FOB

Correct Answer:

The catalog price of an item before any trade discount is deducted.
An income statement format that shows only one subtotal for total expenses.
The expenses of promoting sales by displaying and advertising merchandise, making sales, and delivering goods to customers.
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 abbreviation for end-of-month; used to describe credit terms for some transactions.
Expenses that support overall operations and includes expenses related to accounting, human resource management and financial management.
An income statement format that shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classes of items.
Products a company owns and intends to sell.
Related Questions

Q179: _ are non-operating activities that include interest

Q181: _ are non-operating activities that include interest,dividend,and

Q183: Under the _ system, each purchase, purchase

Q186: Sales discounts can benefit a seller by

Q187: _ expenses are those expenses that support

Q188: Match the following terms with the appropriate

Q242: A _ income statement includes cost of

Q249: A _ income statement format shows detailed

Q250: Inventory shrinkage can be computed by comparing

Q256: When a company has no reportable nonoperating

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents