Match the Terms with the Definitions

question 44

Multiple Choice

Match the terms with the definitions.
-The owner of the merchandise that is held by another business.

• A)average cost
• B)conservatism
• C)perpetual inventory system
• D)market value
• E)consignor
• F)consistency
• G)cost
• H)first-in, first-out method
• I)gross profit method
• J)last-in, first-out method
• K)inventory sheet

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Definitions:

Debit And Credit

A fundamental concept in accounting that describes the two sides of every financial transaction; debits increase assets or decrease liabilities, while credits decrease assets or increase liabilities.

Dr. And Cr.

Abbreviations for Debit (Dr.) and Credit (Cr.), fundamental concepts in accounting used to record business transactions in the ledger.

Increase And Decrease

Refers to the upward or downward movement in financial metrics, operational quantities, or statistical values.

Balance Of An Account

The amount of money currently in an account, reflecting all credits and debits made.