Match the Terms with the Definitions

question 7

Multiple Choice

Match the terms with the definitions.
-An alphabetical or numerical listing of supplier accounts and balances, usually prepared at the end of the month.

• A)accounts payable ledger
• B)cost of goods sold
• C)FOB destination
• D)FOB shipping point
• E)gross profit
• F)purchase invoice
• G)purchase order
• H)purchase requisition
• I)purchases
• J)receiving report
• K)schedule of accounts payable
• L)trade discount

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Definitions:

Federal Reserve

The central banking system of the United States, responsible for monetary policy, including regulating banks, managing the country's money supply, and stabilizing the financial system.

Reserve Requirement

The portion of depositors' balances that banks must have on hand as cash, ensuring banks can meet withdrawal demands.

Money Supply

The total amount of monetary assets available in an economy at a specific time, influencing inflation and economic stability.

Bank Reserves

The portion of deposits that banks are required to hold either in cash in their vaults or on deposit with a central bank, as a precaution to ensure bank liquidity.