Match the Terms with the Definitions

question 9

Multiple Choice

Match the terms with the definitions.
-A set of procedures designed to ensure proper accounting for transactions.(Appendix)

• A)outstanding checks
• B)cash
• C)petty cash voucher
• D)automated teller machines
• E)change fund
• F)internal control
• G)credit memos
• H)debit memos

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Definitions:

Fees Payable

Liabilities or amounts owed by a company for services rendered by others, not yet paid at the balance sheet date.

Balance Sheet

An accounting document showing the worth of a company's assets, debts, and owner's equity on a particular date.

Asset

Resources owned by a business that have economic value and can provide future benefits.

Liability

Financial obligations or debts that a company owes to others, recorded on the balance sheet.