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Chapter 19 Acc II
| Question | Answer |
|---|---|
| Revenue is recorded at the time goods or services are sold. | Realization of Revenue |
| A cash discount on sales | Sales discount |
| 10% discount if amount is paid in 10 days and whole amount must be paid in 30 days. | 1/10,n/30 |
| Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable | Sales return |
| Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable. | Sales allowance |
| A form prepared by the vendor showing the amount deducted for returns and allowances. | Credit memorandum |
| A source document is prepared for each transaction. | Objective evidence |
| A special journal used to record only sales of merchandise on account. | Sales journal |
| A special journal used to record only cash receipt transactions. | Cash Receipts journal |
| Goods or services shipped out of a seller's home country to a foreign country. | Exports |
| Goods or services bought from a foreign country and brought into a buyer's home country. | Imports |
| A document that details all the terms agreed to by seller and buyer for a sales transaction. | Contract of sale |
| A letter issued by a bank guaranteeing that a named individual or business will be paid a specified amount, provided stated conditions are met. | Letter of credit |
| A receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise. | Bill of lading |
| A statement prepared by the seller of merchandise addressed to the buyer, showing a detailed listing and description of merchandise sold, including prices and terms. | Commercial invoice |
| A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party. | Draft |
| A draft payable on sight when the holder presents it for payment. | Sight draft |
| A draft that is payable at a fixed or determinable future time after it is accepted. | Time draft |
| A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future. | Trade acceptance |
| Visitors to foreign countries with a value added tax (---) typically are required to pay the ---. However, if items purchases exceed a specified amount, a refund of a portion of the --- can be requested. | VAT |
| List the order of posting journals.(5) | 1. Sales Journal 2. Purchases Journal 3. General Journal 4. Cash Receipts Journal 5. Cash Payments Journal |
Created by:
jralston
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