Following are a number of the key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–10). Note that not all key terms and concepts will be used.
a. Petty cash | k. Cash discount |
b. Bank reconciliation | l. Credit terms |
c. Deposit in transit | m. Notes receivable |
d. Outstanding check | n. Collateral |
e. Bank service charge | o. Cost-flow assumption |
f. Not sufficient funds (NSF) check | p. Specific identification |
g. Imprest account | q. First-in, first-out (FIFO) |
h. Short-term marketable securities | r. Last-in, first-out (LIFO) |
i. Commercial paper | s. Weighted average |
j. Perpetual system | t. Periodic system |
____________ A system of accounting for the movement of items into inventory and out to cost of goods sold that involves a continuous record of items received and items sold.
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