Match the Terms with the Definitions

question 56

Multiple Choice

Match the terms with the definitions.
-A potential liability that may become a real liability depending on future events.

• A)term of the note
• B)accrued interest on notes receivable
• C)bank discount (note payable)
• D)bank discount (note receivable)
• E)contingent liability
• F)rate of interest
• G)discounting (note payable)
• H)payee
• I)notes receivable register
• J)non-interest-bearing note
• K)interest-bearing note

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Definitions:

Guests

Individuals who visit or are invited to a place or event.

Work in Process Inventory

Goods that are in the production process but not yet completed.

Manufacturing Costs

Expenses directly tied to the production of goods, including labor, materials, and manufacturing overhead.

Cost of Goods Manufactured

The total production cost of goods completed and moved to finished goods inventory within a specific period, including materials, labor, and overhead.