Listed Below Are Ten Terms Followed by a List of Phrases

question 73

Multiple Choice

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-____ List of all accounts and their balances after external transactions are recorded.

• A)Assets
• B)Debit
• C)Journal entry
• D)Liabilities
• E)Revenues
• F)Expenses
• G)Credit
• H)General ledger
• I)Trial balance
• J)Dividends

---

Definitions:

Inventories

Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials to be consumed in the production process.

Consignment

A sales arrangement in which goods are entrusted to a seller, but title to the goods remains with the supplier until they are sold.

Consignor

The entity that owns goods but entrusts them to another (consignee) for sale, distribution, or safekeeping.

Inventory

The raw materials, work-in-progress products, and finished goods that are considered to be the portion of a business’s assets that are ready or will be ready for sale.