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