Select the Term That Matches Each of the Following Descriptions

question 54

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 induce the customer to keep damaged goods

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Definitions:

Unearned Revenues

Represents income received by a company for goods or services that are yet to be delivered or performed.

Accrued Revenues

Income earned during an accounting period but not yet received or recorded at the statement date, representing future cash receipts.

Annual Depreciation

The amount of depreciation expense allocated for a fixed asset in one year, based on the asset's useful life and cost.

Prepaid Expense

An asset account that represents costs paid in advance for expenses that will be incurred within a future accounting period.