Listed Below Are Ten Terms Followed by a List of Phrases

question 76

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.
-____ Resources earned by providing goods and services to customers.

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

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Definitions:

Inventory Quantity

The total number of units of a specific product or category of products that are held in stock by a business at a given time.

Lot

A distinct batch or quantity of material bought or sold, often considered as a single unit in stock trading or production.

Purchase Price

The cost at which something is bought, which may include additional fees or taxes involved in the transaction.

Material Cost

The expense incurred in acquiring the raw materials needed to produce a good or deliver a service.