Matching
Match the following definitions with terms.
Premises:
The point of ownership transfer from seller to buyer that takes place when the goods depart the seller's place of business.
A given percent deducted from a list price often granted to customers purchasing large quantities of merchandise.
Products a company owns and intends to sell.
A measure of a company's ability to pay its current liabilities that excludes less liquid current assets such as inventory and prepaid expenses.
Inventory losses that require an adjusting entry to account for losses from theft or deterioration.
An income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses.
The point of ownership transfer from seller to buyer that takes place when the goods arrive at the buyer's place of business.
The expenses of 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 classes of items.
The expenses that support a company's overall operations and include costs related to accounting, human resources and finance.
Responses:
Acid-test ratio
FOB shipping point
Selling expenses
General and administrative expenses
Single-step income statement
Trade discount
Inventory shrinkage
Multiple-step income statement
FOB destination
Merchandise inventory
Correct Answer:
Premises:
Responses:
The point of ownership transfer from seller to buyer that takes place when the goods depart the seller's place of business.
A given percent deducted from a list price often granted to customers purchasing large quantities of merchandise.
Products a company owns and intends to sell.
A measure of a company's ability to pay its current liabilities that excludes less liquid current assets such as inventory and prepaid expenses.
Inventory losses that require an adjusting entry to account for losses from theft or deterioration.
An income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses.
The point of ownership transfer from seller to buyer that takes place when the goods arrive at the buyer's place of business.
The expenses of 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 classes of items.
The expenses that support a company's overall operations and include costs related to accounting, human resources and finance.
Premises:
The point of ownership transfer from seller to buyer that takes place when the goods depart the seller's place of business.
A given percent deducted from a list price often granted to customers purchasing large quantities of merchandise.
Products a company owns and intends to sell.
A measure of a company's ability to pay its current liabilities that excludes less liquid current assets such as inventory and prepaid expenses.
Inventory losses that require an adjusting entry to account for losses from theft or deterioration.
An income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses.
The point of ownership transfer from seller to buyer that takes place when the goods arrive at the buyer's place of business.
The expenses of 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 classes of items.
The expenses that support a company's overall operations and include costs related to accounting, human resources and finance.
Responses:
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