Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 19 Acc II

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
Popular Accounting sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards