Select the Term That Matches Each of the Following Descriptions

question 34

Short Answer

Select the term that matches each of the following descriptions.
a.Sales Discount
b.Trade Discount
c.Sales Allowance
d.Sales Returns
-Used to encourage prompt payment

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Definitions:

Unearned Revenues

Income received by an individual or company for a service or product that has yet to be provided or delivered.

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of assets, provision of services, or other means.

Net Income

The total earnings of a company after deducting all expenses and taxes from total revenue.

Retained Earnings

The portion of net income that is not distributed as dividends to shareholders, but instead is reinvested in the company or used to pay off debt.