Match the Terms with the Definitions

question 39

Multiple Choice

Match the terms with the definitions.
-Purchases merchandise such as clothing, furniture, or computers, and sells that merchandise to its customers.

• A)accounts receivable ledger
• B)cash discounts
• C)controlling account
• D)credit memo
• E)merchandising business
• F)sale
• G)sales allowances
• H)sales discounts
• I)sales invoice
• J)sales return
• K)sales ticket
• L)schedule of accounts receivable

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Definitions:

Automatic Payment

A pre-arranged system of paying recurring bills or obligations electronically without the need for manual intervention each time.

Federal Reserve Bank

The central banking system of the United States, responsible for setting monetary policy.

Funds Availability

Funds availability is a banking term that refers to the length of time before a deposited check or electronic payment clears and becomes available for withdrawal or use.

UCC

The Uniform Commercial Code represents a detailed collection of statutes that regulate every commercial transaction across the United States.