Match the Term to the Appropriate Definition

question 5

Multiple Choice

Match the term to the appropriate definition.There are more definitions than terms.
-Perpetual Inventory System

• A)The sum of beginning inventory and purchases for the period.
• B)Presents important subtotals,such as gross profit,to help distinguish core operating results from other,less significant items that affect net income.
• C)A term of sale indicating that goods are owned by the seller until they are delivered to the buyer.
• D)Sells goods that have been obtained from a supplier.
• E)Inventory records are updated every time inventory is bought,sold,or returned.
• F)A sales price reduction given to customers for prompt payment of their account balance.
• G)Inventory records are updated at the end of the accounting period.To determine how much merchandise has been sold,inventory must be physically counted at the end of the period.
• H)A term of sale indicating that goods are owned by the buyer the moment they leave the seller's premises.
• I)Sells services rather than physical goods.
• J)Assets acquired for resale to customers.

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Definitions:

Neolin

A Native American prophet who emerged in the 1760s among the Delaware people, advocating for a return to traditional Native American ways and rejection of European goods and influences.

Consumer Revolution

A period marked by an increase in the consumption and variety of luxury goods and products by individuals from different economic classes.

Seven Years' War

A global conflict fought between 1756 and 1763, involving most of the great powers of the time and affecting Europe, North America, Central America, the West African coast, India, and the Philippines.

French and Indian War

A conflict between Britain and France (1754-1763) in North America, part of a larger global contest, which also involved Native American tribes aligned with each side.