Question

Match the terms in the left column with their appropriate definition in the right column. Definitions Terms 1. Economic order quantity (EOQ) 2. Materials requirements planning (MRP) a. A document that creates a legal obligation to buy and pay for goods or services b. The method used to maintain the cash balance in the petty cash account

Answer 1

Answer:  The terms provided do not match the definitions provided. the answer to the question is 1) Purchase order 2) imprest fund

Explanation:

a. A document that creates a legal obligation to buy and pay for goods or services ----- Purchase order

A purchase order is an agreed  document which indicates the type of product or services,  quantities of product, and  prices for products or services between two parties. it is usually  issued by a company who is referred to as a buyer to a vendor known as a  seller to supply the goods or services. When the vendor supplies the products, will be paid by the company who  is the buyer according to payment terms.

b. The method used to maintain the cash balance in the petty cash account--- imprest fund--- This is a petty cash system where a fixed  sum  amount of cash is maintained and   kept aside by a business only for  managing  expenses that may arise due to some circumstances but after being taken out, must be replenished.