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Accounting ll

Ch. 19 vocab.

QuestionAnswer
Revenue is recorded at the time goods or services are sold. Realization of Revenue
A cash discount on sales. Sales discount
When a customer pays the amount owed within 10 days, the sales invoice amount is reduced by 1%. The total sales invoice amount must be paid within 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
For all sales of merchandise on account. Sales journal
For all cash receipts. 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
Value added tax - national added tax VAT
Created by: mmincy