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V's Accountingterms8
Chapter 8
| Question | Answer |
|---|---|
| Accounts Payable Ledger | A subsidiary ledger that contains a separate account for each creditor |
| Cash Discount | A discount offered by suppliers for payment received within a specified period of time |
| Cost of Goods Sold | The actual cost to the business of the merchandise sold to customers |
| Freight In Account | An account showing transportation charges for items purchased |
| Purchase Allowance | A Price reduction from the amount originally billed |
| Purchase Invoice | A bill received for goods purchased |
| Purchase Order | An order to the supplier of goods specifying items needed, quantity, price, and credit terms |
| Purchase Requisition | A list sent to the purchasing department showing the items to be ordered |
| Purchase Return | Return of unsatisfactory goods |
| Purchases Account | An account used to record cost of goods bought for resale during a period |
| Purchases Discount | A cash discount offered to the customer for payment within a specified period |
| Purchases Journal | A special journal used to record the purchase of goods on credit |
| Receiving Report | A form showing quantity and condition of goods received |
| Sales Discount | A cash discount offered by the supplier for payment within a specified period |
| Sales Invoice | A supplier's billing document |
| Schedule of Accounts Payable | A list of all balances owed to creditors |
Created by:
Virajasaur
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