Match the following terms with their definitions: Expenses, Cash Receipts Journal, Profit, Liabilities, EFT confirmation.

Here are the completed solutions for the matching questions, including the new information:

1.3 MATCHING QUESTIONS

• 1.3.1 Trading license, stationery, water, and electricity are all costs incurred in the operation of a business, making them expenses.
  • Answer: C
• 1.3.2 All money received by the business is systematically recorded in the Cash Receipts Journal.
  • Answer: D
• 1.3.3 The calculation of profit is determined by subtracting total expenses from total income.
  • Answer: A
• 1.3.4 The debts of the business are known as Liabilities.
  • Answer: E
• 1.3.5 The source document used when money is transferred electronically in the bank is an EFT (Electronic Funds Transfer) confirmation.
  • Answer: B