Match the Following Terms with the Appropriate Definition

question 145

Multiple Choice

Match the following terms with the appropriate definition.
-Items paid for in advance of receiving their benefits; recorded as an asset when purchased and expensed when used.

• A)Adjusting entry
• B)Unadjusted trial balance
• C)Prepaid expenses
• D)Natural business year
• E)Accrued expenses
• F)Adjusted trial balance
• G)Report form balance sheet
• H)Accounting period
• I)Profit margin
• J)Contra account

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Definitions:

Direct Materials

Raw materials that are directly traceable to the production process and are a part of the finished product.

Flexible Budget

An adaptable financial plan that changes according to the actual output levels or activities of a business.

Units

A measure of product quantity, either as individual items or a standard measurement used for inventory and production.

Client-Visits

The activity of going to see clients in person for business purposes such as consultations, sales presentations, and relationship building.