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