Match the Terms with the Descriptions Provided

question 37

Multiple Choice

Match the terms with the descriptions provided.
-Companies such as advertising agencies and auto repair shops.

• A)Manufacturers
• B)Merchandisers
• C)Retailers
• D)Wholesalers
• E)Service companies

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Definitions:

Commercial Substance

An accounting principle that transactions should result in a real change to the economic circumstances of a company, as opposed to being conducted for appearance's sake.

Invoice Price

The amount shown on an invoice as the price of goods or services, prior to any discounts or adjustments.

Fully Depreciated

Term used for an asset that has reached the end of its useful life, with its cost fully allocated across the accounting periods it was in use.

Disposed

This term refers to the action of getting rid of an asset or property, often through a sale, exchange, retirement, or destruction.