Matching Pairs Accounting Ch 9 Terms 4Online version Match the term with its definition. by Kerri Stegman 1 Is applied when the actual amount paid for merchandise or other items bought is recorded 2 An account that reduces a related account on a financial statement 3 Is applied when revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period 4 The maximum outstanding balance allowed to a customer by a vendor 5 Is applied when source document is prepared for each transaction 6 Is applied when a business's financial information is recorded and reported separately from the owner’s personal financial information 7 The period of time during which a customer may take a cash discount 8 Is applied when financial statements are prepared with the expectation that a business will remain in operation indefinitely 9 A listing of vendor accounts, account balances, and the total amount due to all vendors 10 When a company that has purchased merchandise on account takes a cash discount schedule of accounts payable purchases discount credit limit matching expenses with revenue contra account business entity objective evidence going concern discount period historical cost
New game