Listed below are five terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the most correct term.
Definitions:
Intra-Entity Transactions
Transactions occurring between divisions or departments within the same company.
Intra-Entity Gross Profit
The profit realized from transactions within segments of the same company, not reflected in consolidated financial statements until realized externally.
Deferred
Accounting term used to describe revenues or expenses that have been incurred but not yet recorded in accordance with accrual accounting principles.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold in a company, including materials and labor costs.
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