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Accounting Chapter 9

Accounting

QuestionAnswer
What is capital stock? Total shares of ownership in a corporation.
What is a cash discount? A deduction that a vendor allows on the invoice amount to encourage prompt payment.
What is a corporation? An organization with the legal rights of a person and which may be owned by many persons.
What is a debit memorandum? A form prepared by the customer showing the price deduction taken by the customer for returns and allowances.
What is a purchase invoice? An invoice used as a source document for recording a purchase on account transaction.
What is a purchase discount? A cash discount on purchases taken by a customer.
What is a purchase return? A journal used to record only one kind of transaction.
What is a retail merchandising business? A merchandising business that sells to those who use or consume the goods.
What is a share of stock? Each unit of ownership in a corporation.
What is a special journal? A journal used to record only one kind of transaction.
Does a debit or credit increase the Purchases account? Debit
When using several different journals, what is used in the ledger when posting to show which journal the information came from? An abbreviation in the Post Reference column
Are trade discounts normally recorded? NO, the invoice shows the already discounted price.
Does a debit or credit increase the Purchases Discount account? Credit
If the actual petty cash on hand $72.00 but the records show that there should be $75.00 is the petty cash short or over? Short
Purchase Returns and Allowances account is a contra account to what? Purchases
What is the Historical Cost Accounting Concept? Purchases are recorded at their cost, including any related shipping costs and taxes.
What does 1/10, n/30 mean? Customer may deduct 1% if paid within 10 days or the net amount of the invoice is due in 30 days.
The purchase account is classified as what type of account? A cost account
The source document for a cash purchase is what? A check
Supplies bought for use in a business are recorded in what account? Supplies
Contra accounts offset their related accounts and the balances are what? Opposite the normal balances of their related accounts
The Purchases Returns and Allowances account effects the Purchases account by doing what? Decreasing the amount of purchases
If merchandise with a list price of $1200.00 is purchased on account for $500.00 on August 1 and terms of sale are 2/10, n/30 and payment if made on August 17, what is the amount to be paid? $500.00
Created by: lbeddow