C21 Accounting Ch 18 - Vocabulary
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| An organization with the legal rights of a person and which may be owned by many persons. | Corporation
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| Each unit of ownership in a corporation | Share of stock
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| The total shares of ownership is a coporation. | Capital stock
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| A journal used to record only one kind of transaction | Special journal
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| A special journal to record only purchases of merchandise on account. | Purchases journal
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| A petty cash on hand amount that is more than a recorded amount | Cash over
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| A reduction in the list price granted to customers | Trade discount
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| A form prepared by the customer showing the price deduction taken by the customer for returns and allowances | Debit memorandum
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| A journal with two amount columns in which all kinds of entries can be recorded | General journal
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| Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customers accounts payable | Purchases return
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| A deduction from the invoice amount, allowed by a vendor to encourage early payment | Cash discount
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| A business's printed or catalog price | List price
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| A cash discount on purchases taken by a customer | Purchases discount
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| A petty cash on hand amount that is less than a recorded amount | Cash short
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| An account that reduces a related account on a financial statement | Contra account
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| Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customers accounts payable | Purchases allowance
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| A special journal used to record only cash payment transactions | Cash payments journal
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Mrs Holcomb
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