Match each term below with the correct definition from the drop-down list: }(l) Assets that do not have a physical substance, like goodwill and patent. & [Select ] The profit achieved during a period after the cost of sales has been deducted from sales revenues. & [Select ] Products held by a business for trading purposes that are awaiting sale. & [Select ] A liquidity ratio that reflects the portion of current assets available at the business to cover short-term obligations. & [Select ] A liability expected to be settled within one year or less. It includes bank overdrafts. & [Select ]

Question

Match each term below with the correct definition from the drop-down list: }(l) Assets that do not have a physical substance, like goodwill and patent. & [Select ] The profit achieved during a period after the cost of sales has been deducted from sales revenues. & [Select ] Products held by a business for trading purposes that are awaiting sale. & [Select ] A liquidity ratio that reflects the portion of current assets available at the business to cover short-term obligations. & [Select ] A liability expected to be settled within one year or less. It includes bank overdrafts. & [Select ]

Answer 1

1. Assets that do not have a physical substance, like goodwill and patent - Intangible Assets 2. The profit achieved during a period after the cost of sales has been deducted from sales revenues - Gross Profit3. Products held by a business for trading purposes that are awaiting sale - Stock-in-trade 4. A liquidity ratio that reflects the portion of current assets available at the business to cover short-term obligations - Quick Ratio / Acid Test5. A liability expected to be settled within one year or less. It includes bank overdrafts - Current Liabilities.

Answer 2

## Step1: To cater to this task, we need to associate the specific business and financial account terms with their respective clarified descriptions. Quite similar to our standard terminology-to-description exercise scenario earlier, containers must be appropriately matched bearing resemblance with accurate depictions provided. ## Step2: "Intangible Assets" are impeccable references for assets that lack a physical substance, englobed entities like goodwill and patents are characteristic examples of such a kind. ## Step3: "Gross Profit" is a standard finance term suggestion for the gain an organization negotiates over an amount after the deduction of the outlays of sales transaction from sales incomes traced back to a periodic scale. ## Step4: Fine instances of "Stock-in-trade" are spitefully placed by products retained by an agency utilized for trading exercise just within the brink of drawn-out dispersal. ## Step5: "Quick Ratio /ick Ratio/ Acid Test" surprisingly demonstrates liquidity indication, embodying substantial parts of present assets, achievable at the industrial dominion mandated to encompass impromptu responsibilities. ## Step6: Overarching under "Current Liabilities" are prospective defect combination probabilities due for return annually or an accelerated timescale likened to bank overdraft probabilities.

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