Question

match each income statement and balance sheet term to its role in their respective statements.
expenses
revenue
account receivable
accounts payable
the amount of gross sales from goods and services.
the costs a business has to maintain operations and sell goods and services.
the amount of money a business owes to vendors.
the amount of money customers owe to a business for goods and services sold.

Explanation:

• Expenses: These are the costs incurred by a business to run operations and sell products/services, so it matches "The costs a business has to maintain operations and sell goods and services."
• Revenue: Revenue is the total income from selling goods or services, so it matches "The amount of gross sales from goods and services."
• Account Receivable: This is the money customers owe the business for purchases, so it matches "The amount of money customers owe to a business for goods and services sold."
• Accounts Payable: This is the money the business owes to vendors, so it matches "The amount of money a business owes to vendors."

Answer:

• Expenses: The costs a business has to maintain operations and sell goods and services.
• Revenue: The amount of gross sales from goods and services.
• Account Receivable: The amount of money customers owe to a business for goods and services sold.
• Accounts Payable: The amount of money a business owes to vendors.