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