Match the Term with Its Definition

question 86

Essay

Match the term with its definition.
a.Accrued expenses
b.Cash flow activities
c.Cash flow statement
d.Fixed assets
e.Gross fixed assets
f.Long-term debt
g.Other assets
h.Short-term notes
-Physical assets that will be used in the business for more than one year

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Definitions:

Nominal Performance

A minimal or token action that barely meets the terms of a contract, often used to avoid breaching the agreement.

Substitution

In law or economics, the act of replacing one party or element of a contract with another.

Rescission

The act of canceling or annulling a contract, returning the parties involved to their positions prior to the agreement.

Nominal Damages

Monetary damages awarded to a plaintiff in a very small amount, typically $1 to $5, to signify that the plaintiff has been wronged by the defendant even though the plaintiff suffered no compensable harm.