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 firms 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