Question

Match the given descriptions to the accurate accounting term.

1.prepayment

2.payable

3.contra-revenue

4.receivable

5.dividend




sales return

expenses paid in advance

company needs to pay to a vendor for purchase made

a customer who needs to pay to the company for buying goods from it

part of the profit paid to shareholders of the company

Answer 1

1. Prepayment - expenses paid in advance

2. Payable - company needs to pay to a vendor for purchase made

3. Contra-revenue - sales returns

4. Receivable - a customer who needs to pay to the company for buying goods from it

5. Dividend - part of the profit paid to shareholders of the company