Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. match the following terms with the appropriate def

Match the following terms with the appropriate definition. (a) Credit memorandum (f) Discount period (b)...

50.1K

Verified Solution

Question

Accounting

Match the following terms with the appropriate definition. (a) Credit memorandum (f) Discount period (b) Trade discount (g) Debit memorandum (c) Credit period (h) Periodic inventory system (d) Credit terms (i) Perpetual inventory system (e) EOM (j) Purchase discount ____ (1) A method of accounting that maintains continuous records of the amount of inventory on hand and cost of goods sold. ____ (2) The time period in which a cash discount is available. ____ (3) A notification that the sender has entered a credit in the recipient's account maintained by the sender. ____ (4) The description of the amounts and timing of payments that a buyer agrees to make in the future. ____ (5) A cash discount the buyer receives which is included with the terms of the sale agreement. ____ (6) The time period that can pass before a customer's payment is due.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

18. Structure and function are intricately linked concepts in A&P. Describe three ways in which we...

Medical Sciences
Q

Aheed’s roommates brought him to the emergency room because he started behaving oddly. Specifically, they reported...

Psychology
Q

A small mailbag is released from a helicopter that is descending steadily at 1.07 m/s. (a) After...

Physics
Q

In regards to the metal extrusion manufacturing process: 1. How would you ensure that you obtained...

Mechanical Engineering
Q

What were the different perspectives on the issue of slavery in the United C

Biology
Q

259 A square shaped wire frame carries a current i The edge of the frame...

Physics
Q

Which of the following is true about determinable liabilities reported on the balance sheet? They...

Accounting
Q

ProBuilder has the following June 30, 2016, fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0;...

Accounting
Q

On December 31, Bar Company purchased all the outstanding common stock of Sim Company by...

Accounting
Q

Required information [The following information applies to the questions displayed below.] On January 1,2024 ,...

Accounting
Q

Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are...

Accounting
Q

Boris Company introduced JIT manufacturing last year and has prepared the following data to assess...

Accounting