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Accounting ch 11

College Accounting Ch 11

QuestionAnswer
Accounts Payable Ledger A separate ledger containing an individual account payable for each supplier.
Cost of Goods Sold The difference between the goods available for sale and the ending inventory.
Cost of Merchandise Sold The difference between the goods available for sale and the ending inventory.
FOB Destination Shipping terms indicating that transportation charges are paid by the seller.
FOB Shipping Point Shipping terms indicating that transportation charges are paid by the buyer.
Gross Margin The difference between net sales and cost of goods sold.
Gross Profit The difference between net sales and cost of goods sold.
Invoice A document prepared by the seller as a bill for the merchandise shipped. To the seller, this is a sales invoice. To the buyer, this is a purchase invoice.
Purchase Invoice A document prepared by the seller as a bill for the merchandise shipped. To the buyer, this is a purchase invoice.
Purchase Order A written order to buy goods from a specific vendor (supplier).
Purchase Requisition A form used to request the purchase of merchandise or other property.
Purchases Merchandise acquired for sales to customers.
Receiving Report A report indicating what has been received.
Schedule of Accounts Payable An alphabetical or numerical listing of supplier accounts and balances, usually prepared at the end of each month.
Trade Discount A reduction from the list or catalog price offered to different classes of customers.
Created by: dengler