Match the Following Terms with Their Definitions

question 19

Multiple Choice

Match the following terms with their definitions.
-Gross profit

• A)Uses a base year
• B)Inventory and prepaid expenses are subtracted
• C)A liability
• D)Net sales ÷ total assets
• E)Actual sale after returns on discounts
• F)Current assets ÷ current liabilities
• G)What we owe creditors
• H)Data placed side by side
• I)Cash, supplies
• J)Obligations due within one year
• K)Cost of goods for resale
• L)Obligations that are not due for at least one year
• M)Total this period is compared by amount of percent to same total last period
• N)Part of stockholders' equity
• O)What customers owe
• P)Dollars not shown
• Q)Paid in advance
• R)Profit
• S)Revenues and expense for a specific period of time
• T)Prepared as of a particular date
• U)Beginning inventory plus new purchases - ending inventory
• V)True cost of purchases
• W)Includes no plant and equipment assets
• X)Sales - cost of goods sold
• Y)Each liability and equity is analyzed as a percent of the total

Comprehend the conceptual and practical benefits of using a worksheet in financial reporting.

Execute adjustment entries for equipment depreciation, accrued salaries, and supplies to complete a worksheet.

Identify and describe various types of checks used in medical offices.

Understand and explain the process and importance of accounts payable and accounts receivable in a medical office.

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Definitions:

Holden V. Hardy

Holden v. Hardy was a landmark 1898 United States Supreme Court case that upheld laws regulating labor, recognizing the state's interest in protecting workers' health and welfare.

Incandescent Bulb

A type of electric light bulb that produces light by heating a filament wire to a high temperature until it glows.

Thomas Edison

An American inventor and businessman known for developing many devices that greatly influenced life around the world, including the phonograph and the electric light bulb.