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 That's 2 down. 3 left today — send the next one.