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Match the terms with the definitions.

Match the terms with the definitions.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Transcribed Image Text: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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