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V's Accountingterms8

Chapter 8

QuestionAnswer
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