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Accounting Terms 4
Accounting Terms Unit 4
| 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 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
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