Match the Following Terms with the Appropriate Definition

question 108

Short Answer

Match the following terms with the appropriate definition.
A. Debit memorandum
B. Credit period
C. Credit terms
D. Credit memorandum
E. Discount period
F. Gross profit
G. Periodic inventory system
H. Perpetual inventory system
I. Sales discount
J. Purchase discount

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Definitions:

Intangible Assets

Refers to non-physical assets that have value, such as patents, trademarks, goodwill, and copyrights.

Finite Life

Refers to assets or investments that have a defined time period over which they are expected to generate returns or be useful.

Amortize

The process of paying off a debt over time through regular payments, which can include portions of both principal and interest.

Tangible Assets

Physical assets that can be seen and touched, such as machinery, buildings, and inventory.