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AR Com Acct I - U4

Arkansas Comp. Acct. I - Unit 4 - Basic Accounting Cycle - Merch

QuestionAnswer
a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account accounts payable ledger
a subsidiary ledger containing only accounts for charge customers accounts receivable ledger
a report which gives performance information over a specific date range batch report
closing out all the transactions on the system that were processed for a particular day batching out
total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares) capitol stock
business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from its owners corporation
incentive offered by a seller to a buyer for setting the invoice immediately on delivery or in a period substantially shorter than the conventional period in that industry or market cash discount
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 receipts journal
a petty cash on hand amount that is more than a recorded amount cash over
a sale in which cash is received for the total amount of the sale at the time of the transaction cash sale
a petty cash on hand amount that is less than a recorded amount cash short
an account that reduces a related account on a financial statement contra account
an account in a general ledger that summarizes all accounts in a subsidiary ledger controlling account
the price a business pays for goods it purchases to sell cost of merchandise
the total original price of all merchandise sold during a fiscal period cost of merchandise sold (goods)
a sale in which a credit card is used for the total amount of the sale at the time of the transaction credit card sale
form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account credit memorandum
any asset expected to last or be in use for less than one year current assets
a person or business to which merchandise or services are sold customer
form or letter issued by a seller to advise the amount owed by the buyer debit memorandum
a partnership financial statement showing net income or loss distribution to partners distribution-of-net-income statement
a journal amount column that is not headed with an account title general amount column
the revenue remaining after cost of merchandise sold has been deducted gross profit on sales
the actual amount paid for merchandise or other items bought is recorded historical cost concept
the amount of goods on hand inventory
the retail price listed in a catalog or on an Internet site list price
the amount added to the cost of merchandise to establish the selling price markup
goods that a merchandising business purchases to sell merchandise
the amount of goods on hand for sale to customers merchandise inventory
a financial statement that summarizes the changes in owner's equity during a fiscal period owner's equity statement
each member of a partnership partner
assets that will be used for a number of years in the operation of a business plant assets
an invoice used as a source document for recording a purchase on account transaction purchase invoice
a computer used to collect, store, and report all the information of a sales transaction Point-of-Sale (POS) terminal
a cash discount on purchases taken by a customer purchases discount
credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable purchases return
credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable purchases allowance
a merchandising business that sells to those who use or consume the goods retail merchandising business
an amount earned by a corporation and not yet distributed to stockholders retained earnings
a cash discount on sales sales discount
a special journal used to record only sales of merchandise on account sales journal
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 sales allowance
a tax on a sale of merchandise or service sales tax
a listing of vendor accounts, account balances, and total amount due all vendors schedule of accounts payable
a listing of customer accounts, account balances, and total amount due from all customers schedule of accounts receivable
each unit of ownership in a corporation share of stock
an owner of one or more shares of a corporation stockholder
a journal amount column headed with an account title special amount column
a ledger that is summarized in a single general ledger account subsidiary ledger
a report prepared to give details about an item on a principal financial statement supporting schedule
an agreement between a buyer and a seller about payment for merchandise terms of sale
the report that summarizes the cash and credit card sales of a point-of-sale terminal terminal summary
a reduction in the list price granted to customers trade discount
a business from which merchandise is purchased or supplies or other assets are bought vendor
a business that buys and resells merchandise to retail merchandising businesses wholesale merchandising business
Created by: SherriLMay