Match the Terms Below with the Correct Definitions

question 62

Multiple Choice

Match the terms below with the correct definitions.
-Journal in which returns and allowances (on account) are recorded

• A)FOB destination
• B)Sales Returns and Allowances
• C)Controlling account
• D)Accounts receivable ledger
• E)Subsidiary ledger
• F)Purchases journal
• G)Sales invoice
• H)FOB shipping point
• I)General journal

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Definitions:

Abandons

The act of giving up a right, property, or interest without attempting to claim or sell it, often involving legal or financial implications.

Mitigate

To make less severe, serious, or painful; to minimize the impact or effect of something.

Quitclaim Deed

A deed that conveys only whatever interest the grantor had in the property and therefore offers the least amount of protection against defects of title.

Warranty Deed

A deed in which the grantor promises that she or he has title to the property conveyed in the deed, that there are no undisclosed encumbrances on the property, and that the grantee will enjoy quiet possession of the property; provides the greatest amount of protection for the grantee.