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AR Unit 4 Basic Acct

Arkansas Unit 4 Basic Accounting Cycle Merchandising Business

QuestionAnswer
Accounts payable ledger a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account
Accounts receivable ledger a subsidiary ledger containing only accounts for charge customers
Batch report a report which gives performance information over a specific date range
Batching out closing out all the transactions on the system that were processed for a particular day
Capital stock total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares)
Corporation business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from its owners
Cash discount incentive offered by a seller to a buyer for settling the invoice immediately on delivery or in a period substantially shorter than the conventional period in that industry or market
Cash receipt journal journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger
Cash over a petty cash on hand amount that is more than a recorded amount.
Cash sale a sale in which cash is received for the total amount of the sale at the time of the transaction
Cash short a petty cash on hand amount that is less than a recorded amount.
Contra account an account that reduces a related account on a financial statement
Controlling account an account in a general ledger that summarizes all accounts in a subsidiary ledger
Cost of merchandise the price a business pays for goods it purchases to sell
Cost of merchandise sold (goods) the total original price of all merchandise sold during a fiscal period
Credit card sale a sale in which a credit card is used for the total amount of the sale at the time of the transaction
Credit memorandum - form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
Current assets any asset expected to last or be in use for less than one year
Customer a person or business to which merchandise or services are sold
Debit memorandum form or letter issued by a seller to advise the amount owed by the buyer
Distribution-of-net-income statement a partnership financial statement showing net income or loss distribution to partners
General amount column a journal amount column that is not headed with an account title.
Gross profit on sales the revenue remaining after cost of merchandise sold has been deducted
Historical cost concept the actual amount paid for merchandise or other items bought is recorded
Inventory the amount of goods on hand
List price the retail price listed in a catalog or on an Internet site.
Markup the amount added to the cost of merchandise to establish the selling price
Merchandise goods that a merchandising business purchases to sell
Merchandise inventory the amount of goods on hand for sale to customers
Owner's equity statement a financial statement that summarizes the changes in owner's equity during a fiscal period
Partner each member of a partnership
Plant assets assets that will be used for a number of years in the operation of a business
Purchase invoice an invoice used as a source document for recording a purchase on account transaction
Point-of-sale (POS) terminal a computer used to collect, store, and report all the information of a sales transaction
Purchases discount a cash discount on purchases taken by a customer.
Purchases return credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
Sales discount a cash discount on sales
Retail merchandising business a merchandising business that sells to those who use or consume the goods
Retained earnings an amount earned by a corporation and not yet distributed to stockholders
Sales return credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable
Sales journal a special journal used to record only sales of merchandise on account
Purchases allowance credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable
Sales allowance 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 tax a tax on a sale of merchandise or services
Schedule of accounts payable a listing of vendor accounts, account balances, and total amount due all vendors
Schedule of accounts receivable a listing of customer accounts, account balances, and total amount due from all customers
Share of stock each unit of ownership in a corporation
Stockholder an owner of one or more shares of a corporation
Special amount column a journal amount column headed with an account title
Subsidiary ledger a ledger that is summarized in a single general ledger account
Supporting schedule a report prepared to give details about an item on a principal financial statement
Terms of sale an agreement between a buyer and a seller about payment for merchandise
Terminal summary the report that summarizes the cash and credit card sales of a point-of-sale terminal
Trade discount a reduction in the list price granted to customers.
Vendor a business from which merchandise is purchased or supplies or other assets are bought
Wholesale merchandising business a business that buys and resells merchandise to retail merchandising businesses
Created by: karenhaley