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Accounting Terms 4

Accounting Terms Unit 4

QuestionAnswer
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 a legal existence, as an entity separate and distinct from its owners
Cash over a petty cash on hand amount that is more than a recorded amount.
Cash sale a sale in which cash is received 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 amount 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 for sale 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 partnership
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-sale (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
Created by: KIMBRIEL