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AR Com Acct I - U4
Arkansas Comp. Acct. I - Unit 4 - Basic Accounting Cycle - Merch
| Question | Answer |
|---|---|
| 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
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