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Accounting Part 2

Chapters 9-16 Terms

QuestionAnswer
capital stock total shares of ownership in a corporation
cash discount a deduction that a vendor allows on the invoice amount to encourage prompt payment
cash over Or Cash Short a petty cash on hand amount that is more or less than a recorded amount
cash payments journal a special journal used to record only cash payment transactions
contra account an account that reduces a related account on a financial statement
corporation an organization with the legal rights of a person and which many persons may own
cost of merchandise the price a business pays for goods it purchases to sell
debit memorandum form prepared by the customer showing the price deduction taken by the customer for returns and allowances
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 business purchases to sell
merchandising business a business that purchases and sells goods
purchase invoice an invoice used as a source document for recording a purchase on account transaction
purchase on account a transaction in which the merchandise purchased is to be paid for later
purchases journal a special journal used to record only purchases of merchandise on account
share of stock each unit of ownership in a corporation
special amount column a journal amount column headed with an account title
stockholder an owner of one or more shares of a corporation
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
batch report a report of credit card sales produced by a point-of-sale terminal
cash receipts journal special journal used to record only cash receipt transactions
credit memorandum a form prepared by the vendor showing the amount deducted for returns and allowances
point-of-sale (POS) terminal a computer used to collect, store, and report all the information of a sales transaction
sales discount a cash discount on sales taken by a customer
sales journal a special journal used to record only sales of merchandise on account
terminal summary the report that summarizes the cash and credit card sales of a point-of-sale terminal
accounts payable ledger a subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account
accounts receivable ledger a subsidiary ledger containing only accounts for charge customers
controlling account an account in a general ledger that summarizes all accounts in a subsidiary ledger
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
subsidiary ledger a ledger that is summarized in a single general ledger account
employee earnings record a business form used to record details affecting payments made to an employee
Medicare tax a federal tax paid for hospital insurance
net pay the total earnings paid to an employee after payroll taxes and other deductions
pay period the period covered by a salary payment
payroll the total amount earned by all employees for a pay period
payroll register a business form used to record payroll information
payroll taxes taxes based on the payroll of a business
salary the money paid for employee services
social security tax a federal tax paid for old-age, survivors, and disability insurance
tax base the maximum amount of earnings on which a tax is calculated
total earnings the total pay due for a pay period before deductions
withholding allowance a deduction from total earnings for each person legally supported by a taxpayer, including the employee
federal unemployment tax a federal tax used for state and federal administrative expenses of the unemployment program
accumulated depreciation the total amount of depreciation expense that has been recorded since the purchase of a plant asset
allowance method of recording losses from uncollectible accounts crediting the estimated value of uncollectible accounts to a contra account
board of directors a group of persons elected by the stockholders to manage a corporation
book value the difference between an asset’s account balance and its related contra account balance
current assets cash and other assets expected to be exchanged for cash or consumed within a year
declaring a dividend action by a board of directors to distribute corporate earnings to stockholders
depreciation expense the portion of a plant asset’s cost that is transferred to an expense account in each fiscal period during a plant asset’s useful life
dividends earnings distributed to stockholders
merchandise inventory the amount of goods on hand for sale to customers
plant assets assets that will be used for a number of years in the operation of a business
retained earnings an amount earned by a corporation and not yet distributed to stockholders
straight-line method of depreciation charging an equal amount of depreciation expense for a plant asset in each year of useful life
uncollectible accounts accounts receivable that cannot be collected
cost of merchandise sold the original price of all merchandise sold during a fiscal period
current liabilities liabilities due within a short time, usually within a year
earnings per share the amount of net income after federal income tax belonging to a single share of stockearnings per share
long-term liabilities liabilities owed for more than a year
net sales total sales less sales discount and sales returns and allowances
statement of stockholders’ equity a financial statement that shows changes in a corporation’s ownership for a fiscal period
supporting schedule a report prepared to give details about an item on a principal financial statement
financial ratio a comparison between two items of financial information
gross profit on sales the revenue remaining after cost of merchandise sold has been deducted
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
purchases return credit allowed for the purchase price of returned merchandise, 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 return credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor’s accounts receivable
Created by: mryan396