Match Each Term with Its Definition

question 18

Multiple Choice

Match each term with its definition.
-Person who analyzes the financial transactions of a business and prepares reports that tell the present status of accounts receivable and payable

• A)bookkeeper
• B)accountant
• C)account
• D)day sheet
• E)accounts receivable
• F)debit
• G)credit
• H)balance
• I)debit balance
• J)credit balance
• K)Business Associate Agreement (BAA)
• L)charge slip

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Definitions:

Weighted Average

Weighted average is a calculation that takes into account the varying degrees of importance of the numbers in a dataset, assigning weights to some of the numbers more than others.

Inventory Carrying Cost

The total cost of holding inventory, which includes warehousing, depreciation, obsolescence, spoilage, insurance, and taxes, among others.

Storage Costs

Expenses incurred for storing goods, materials, or data, which may include physical storage facilities or digital storage solutions.

Perpetual Inventory System

An accounting method where inventory and cost of goods sold are updated continuously with every sale or purchase.