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Accounting ll

Ch. 18 vocab.

QuestionAnswer
An organization with legal rights of a person and which may be owned by many persons. Corporation
Each unit of ownership in a corporation. Share of stock
Total shares of ownership in a corporation. Capital stock
Financial information is recorded and reported separately from the owner's personal financial information. Business entity
For all purchases of merchandise on account. Purchase journal
For all cash payments. Cash payments journal
For all sales of merchandise on account. Sales journal
For all cash receipts. Cash receipts journal
A liability account that summarizes the amounts owed to all vendors. Accounts payable
A business's printed or catalog price. List price
A reduction in the list price granted to customers. Trade discount
The actual amount paid for merchandise or other items bought is recorded. Historical cost
A deduction from the invoice amount, allowed by a vendor to encourage early payment. Cash discount
A cash discount on purchases taken by a customer. Purchases discount
An account that reduces a related account on a financial statement. Contra account
2% of the invoice amount may be deducted if the invoice is paid within 10 days of the invoice date. The total invoice amount must be paid within 30 days. 2/10, n/30
An amount of cash kept on hand and used for making small payments. Petty cash fund
A petty cash on hand amount that is less than a recorded amount. Cash short
A petty cash on hand amount that is more than the recorded amount. Cash over
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable. Purchases return
Credit allowed for part of the purchases price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable. Purchases allowance
A form prepared by the customer showing the price deduction taken by the customer for returns and allowances. Debit memorandum
A source document is prepared for each transaction. Objective evidence
Created by: mmincy