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Accounting-4
Arkansas Unit 4: Basic Accounting Cycle-Merchandising Business
| Question | Answer |
|---|---|
| Accounts Payable Ledger | A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account. |
| Accounts Receivable Ledger | A subsidiary ledger containing only accounts for charge customers. |
| Batch Report | A report which gives performance information over a specific date range. |
| Batching Out | Closing out all the transactions on the system that were processed for a particular day. |
| Capital Stock | Total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares). |
| Corporation | Business that meets certain legal requirements to be recognized as having legal existence, as an entity separate and distinct from its owners. |
| Cash Discount | Incentive offered by a seller to a buyer for settling the invoice immediately on delivery or in a period substantially shorter than the convential period in that industry or market. |
| Cash Receipt Journal | 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 Over | A petty cash on hand amount that is more than a recorded amount. |
| Cash Sale | A sale in which cash is recieved for the total amount of the sale at the time of the transaction. |
| Cash Short | A petty cash on hand amount that is less than a recorded amount. |
| Contra Account | An account that reduces a related account on a financial statement. |
| Controlling Account | An account in a general ledger that summarizes all accounts in a subsidiary ledger. |
| Cost of Merchandise | The price a business pays for goods it purchases to sell. |
| Cost of Merchandise Sold (Goods) | The total original price of all merchandise sold during a fiscal period. |
| Credit Card Sale | A sale in which a credit card is used for the total amount of the sale at the time of the transaction. |
| Credit Memorandum | Form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account. |
| Current Assets | Any asset expected to last or be in use for less than one year. |
| Customer | A person or business to which merchandise or services are sold. |
| Debit Memorandum | Form or letter issued by a seller to advise the amount owed by the buyer. |
| Distribution-of-Net-Income-Statement | A partnership financial statement showing net income or loss distribution to partners. |
| General Amount Column | A journal account column that is not headed with an account title. |
| Gross Profit on sales | The revenue remaining after cost of merchandise sold has been deducted. |
| Historical Cost Concept | The actual amount paid for merchandise or other items bought is recorded. |
| Inventory | The amount of goods on hand. |
| 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 merchandising business purchases to sell. |
| Merchandise Inventory | The amount of goods on hand to sell to customers. |
| Owner's Equity Statement | A financial statement that summarizes the changes in owner's equity during a fiscal period. |
| Partner | Each member of a pertnership. |
| Plant Assets | Assets that will be used for a number of years in the operation of a business. |
| Purchase Invoice | An invoice used as a source document for recording a purchase on account transaction. |
| Point-of-Sales (POS) Terminal | A computer used to collect, store, and report all the information of a sales transaction. |
| Purchases Discount | A cash discount on purchases taken by a customer. |
| Purchases Return | Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable. |
| 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. |
| Retail Merchandising Business | A merchandising business that sells to those who use or consume the goods. |
| Retained Earnings | An amount earned by a corporation and not yet distributed to stockholders. |
| Sales Discount | A cash discount on sales. |
| Sales Journal | A special journal used to record only sales of merchandise on account. |
| Sales Return | Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable. |
| 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 Tax | A tax on a sale of merchandise or services. |
| 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. |
| Share of Stock | Each unit of ownership in a corporation. |
| Stockholder | An owner of one or more shares of a corporation. |
| Special Amount Column | A journal amount column headed with an account title. |
| Subsidiary Ledger | A ledger that is summarized in a single general ledger account. |
| Supporting Schedule | A report prepared to give details about an item on a principal financial statement. |
| Terms of Sale | An agreement between a buyer and a seller about payment for merchandise. |
| Terminal Summary | The report that summarizes the cash and credit sales of a point-of-sale terminal. |
| 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. |
| Wholesale Merchandising Business | A business that buys and resells merchandise to retail merchandising businesses. |
Created by:
michrob15
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