Match the term and the explanation. There are more definitions than terms. a. An internal report prepared to verify the accuracy of both the bank statement and the cash accounts of a busines Prepaid expense Deferred Revenue Contra account Closing journal entry - Bank reconciliation Cost of Good Soldation Gross profit b. Refunds and price reductions pven to customers after goods have been sold and found unsatisfactory. Lists the balances of all permanent accounts to check that debits equal credits d. How many times on average) that inventory has been bought or sold. e. An internal control designed into the accounting system to prevent an employee from making a mistake. t. A measure of the average number of days from the time inventory is bought to the time it is sold A cash discount received for prompt payment of a purchase on account h. Alability account indicating customers have already paid for services not yet rendered L. An account that is paired with another account and acts to reduce its book value Stock that paysafoed dividend rate but generally has no voting rights. k. Also known as reassess is the value of assets minus abilities Inventory records are updated every time inventory is bought, sold or returned. m. stock that allows owners to be listed among creditors. A cash discount vento a customer for prompt payment a. The difference between net sales and cost goods sold An indication that a company has already paid a cost not yet incurred o invertory records are updated at the end of the accounting period Ajournal entry that transfers net income or loss to the Retained Earnings account Express the relationship between inventory on hand purchased and sold Shown as either BP. Cods or BP.COGS I. Also known as balance sheet accounts. A ratio indicating the percentage of profiteared on each dollar of late after considering the cost of goods sold Perpetual entory System Sales discount Preferred stock Inventory Travel