Question

Matching- Match the vocab word to its appropriate definition

______1. Action before dollars. (Ex. Provide a service before receiving money)

______2. Dollars before action. (Ex. Receive money before providing a service)

______3. Actual value of an asset at the end of its useful life.

______4. Comparison between the cash balance on a firm’s books and the cash balance on the bank statement.

_____5. When a check “bounces” or cannot be cashed due to lack of funds.

_____6. Amounts customers owe on account.

_____7. Expense for uncollectible accounts.

_____8. A reduction in price of inventory purchase for prompt payment.

_____9. Total amount paid by a firm for the goods sold during the period.

_____10. Assumes last items purchased are the first items sold.

1. Bank Reconciliation

2. NSF

3. Bad Debt Expense

4. Accrual

5. Last in First Out

6. Deferral

7. Cost of Goods Sold

8. Accounts Receivable

9. Residual Value

10. Discount

Answer 1

S. No.	Definition	Vocab
1	Action before dollars.	Accrual
2	Dollars before action.	Deferral
3	Actual value of an asset at the end of its useful life.	Residual Value
4	Comparison between the cash balance on a firm’s books and the cash balance on the bank statement.	Bank Reconciliation
5	When a check “bounces” or cannot be cashed due to lack of funds.	NSF (Non Sufficient Funds)
6	Amounts customers owe on account.	Accounts Receivable
7	Expense for uncollectible accounts.	Bad Debt Expense
8	A reduction in price of inventory purchase for prompt payment.	Discount
9	Total amount paid by a firm for the goods sold during the period.	Cost of Goods Sold
10	Assumes last items purchased are the first items sold.	Last in First Out