Pur& CP

Description:	Parson - Glencoe 15 - 17
Category:	Accounting
Created by:	yparson on 2009-04-01

Question	Answer
The ___ is the actual cost of the business of the merchandise to be sold to customers	Cost of Merchandise
A(n) ___ contains a folder for each day of the month.	Tiokler file
A(n) __ is the period of time within which an invoice must be paid if a discount is to be taken	Discount period
A(n) __ is a written offer to a supplier to buy certain items.	Purchase Order
The _____ is a ledger that contains acounts for all creditors and the amount owed to each.	Accounts Payable Subsidiary Ledger
A(n) ___ is a stamp placed on an invoice that outlines a set of steps to be followed in processing the invoice for payment.	Processing Stamp
The ____ is the account used to record the cost of new merchandise	Purchases Account
A written request that a certain item or items be ordered is a(n) ____	Purchase Requisition
The ____ is the date by which an invoice must be paid.	Due Date
A bill that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer is a(n) ____	Invoice
A form that lists the items included in a shipment is a(n) ____	Packing Slip
A(n) ____ is a cash discount offered by suppliers for prompt payment.	Purchases Discounts
A(n) _____ is charged by a bank for handling the bankcard sales slip deposited by a business; it is usually calculated as a percentage fo the total bankcard sales.	bankcard fee
_____ means that the supplier pays the shipping cost to the buyer's destination or location.	FOB destination
The ____ is the amount paid for insurance.	Premium
The cost of merchandise account that is used to record shipping charges on goods is the _____	Transportation In account
When a business returns merchandise bought on account to the supplier for full credit, a(n) occurs___	Purchases return
_____ means that the buyer pays the shipping charge from the supplier's place	FOB Shipping Point
A price reduction received by a business for unsatisfactory merchandise kept is a(n) ___	Purchases Allowance
The form a business uses to notify its supplier of a return or allowance is called a(n) _____	Debit Memorandum
The purchases account has a normal ____- balance	Debit
The Transportation Account has a normal ____ balance	Debit
The Purchases Account is categorized as a ______ type of account.	Cost of Merchandise
The Transportation Accounts is categorized as a _______ type of account.	Cost of Merchandise
Purchase Discounts is increased on the ____ side.	Credit
Purchase Returns and Allowances is increased on the _______ side.	Credit
Purchase Discounts is categorized as a(n) ____ type of account.	Contra Cost of Merchandise
Purchase Returns & Allowances is categorzied as a(n) _____ type of account.	Contra Cost of Merchandise.
A(n)____ is a special journal used for recording the sale of merchandise on account.	Sales Journal
The _____ is the date by which the invoice must be paid if a discount is to be taken.	Due Date
A(n) _____ is a separate ledger that contains accounts for all creditors.	Accounts Payable Subsidiary Ledger
_____ is an account in the general ledger that controls the accounts receivable subsidiary ledger.	Accounts Receivable
The ____ is a special journal used for recording all cash received by the business.	Cash Receipts Journal
_____ is an account in the general ledger that controls the accounts payable subsidiary ledger.	Accounts Payable.
The ____ is an all-purpose journal used for recording transactions that do not fit into a special journal.	General Journal
The process of determining whether the amount of cash recorded in the accounting records of a business agrees with the amount recorded in its checkbooks is called _____.	Proving Cash
A special journal used for recording all cash paid out of the business is the ______.	Cash Payments Journal
The ____ is a separate ledger that contains all charge customers accounts.	Accounts Receivable Subsidiary Ledger
The _____ is a special journal used for recording all purchases of assets on account.	Purchase Journal
The ____ is a list of all creditors in the accounts payable subsidiary ledger, the balance of each account, and the total owed to all creditors	Schedule of Accounts Payable
A(n) ___ is an account in the general ledger that acts as a control on the accuracy of the accounts in the subsidiary ledger.	Controlling Account