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Accounting II

Vocab for Ch. 18

QuestionAnswer
Corporation an organization with the legal rights of a person and which may be owned by many persons
Share of stock each unit of ownership in a corporation
Capital Stock total shares of ownership in a corporation
List Price a business's printed or catalog price
Trade Discount a reduction in the list price granted to customers
Cash Discount a deduction that a vendor allows on the invoice amount to encourage prompt payment
Purchases Discount a cash discount on purchases taken by a customer
Contra Account an account that reduces a related account on a financial statement
Cash Short a petty cash on hand amount that is less than a recorded amount
Cash Over a petty cash on hand amount that is more than a recorded amount
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
Debit Memorandum a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
Business entity Financial information is recorded and reported separately from the owner's personal financial information.
Purchases Journal a special journal used to record only purchases of merchandise on account
Cash Payments Journal a special journal used to record only cash payment transactions
Sales Journal a special journal used to record only sales of merchandise on account
Cash Receipts Journal a special journal used to record only cash receipt transactions
Account Payable a liability account that summarizes the amounts owed to all vendors
Historical Cost The actual amount paid for merchandise or other items bought is recorded.
2/10, n/30 (two ten, net thirty) 2% of the invoice 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.
Petty Cash Fund an amount of cash kept on hand and used for making small payments
Objective Evidence A source document is prepared for each transaction.
Created by: jralston