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Chapter 15 vocab

QuestionAnswer
The amount of goods on hand Inventory
The amount of goods on hand for sale to customers Merchandise Inventory
Recording expenses in the fiscal period in which the expenses contribute to earning revenue Matching Expenses with Revenue
A worksheet is always prepared at the end of each fiscal period because financial statements are prepared at the end of each fiscal period Accounting Cycle Period
A worksheet used by businesses with many accounts to be adjusted 10-Column worksheet
A worksheet used by businesses with only a few accounts that need to be adjusted 8-Column worksheet
Created by: echavez0195