Match the terms with the definitions. Clear AllAccounts that are deductedfrom Sales on the incomestatement (i.e., SalesReturns and Allowances,Sales Discounts).unearned revenueA physical count of goods onhand.physical inventoryCash received in advance ofdelivering a product orperforming a service.contra-cost accountsAccounts that are deductedfrom the Purchases accountwhen computing cost ofgoods sold (i.e., PurchasesReturns and Allowances,Purchases Discounts).contra-revenue accounts

Introduction: Accounting: Accounting is an art of recording , classifying , summarising and…

Answered: Match the terms with the definitions.

Business

Accounting

Match the terms with the definitions.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 4MC: Which of the following represents the components of the income statement for a service business...

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Question

Match the terms with the definitions.

Clear All
Accounts that are deducted
from Sales on the income
statement (i.e., Sales
Returns and Allowances,
Sales Discounts).
unearned revenue
A physical count of goods on
hand.
physical inventory
Cash received in advance of
delivering a product or
performing a service.
contra-cost accounts
Accounts that are deducted
from the Purchases account
when computing cost of
goods sold (i.e., Purchases
Returns and Allowances,
Purchases Discounts).
contra-revenue accounts

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