chapter 14 vocabulary accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| retailer | a business that sells to the final user
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| wholesaler | a business that sells to retailers
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| merchandise | goods bought for resale
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| inventory | the items of merchandise the business has in stock
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| sales | the amount of merchandise sold
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| sale on account | a sale of merchandise that will be paid for at a later date
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| change customer | the person that the sale on account is to
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| credit cards | issued by a business to charge customers so that they can make purchases
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| sales slip | a form that lists the date of sale, customer account identification, and description and quantity sold
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| sales tax | tax on the retail sale of goods and services
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| credit terms | state the time allowed for payment
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| accounts receivable subsidiary ledger | a ledger that contains an account for each charge customer
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| subsidiary ledger | ledger that contains detailed data summarized to a controlling account in the general ledger
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| controlling account | an account in the general ledger that is equal to the total of all account balances in the subsidiary ledger
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| sales return | any merchandise that is returned for credit or a cash refund
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| sales allowance | a price reduction granted for damaged goods kept by the customer
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| credit memorandum | lists the details of a sales return or allowance
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| contra account | its balance decreases the balance of its related account
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| cash receipt | a transaction in which money is received by a business
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| cash sale | business receives full payment for the merchandise sold at the time of sale
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| cash discount | the amount a customer can deduct from the amount owed for something that was purchased(merchandise)
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| sales discount | the amount a customer can deduct from the amount owed for merchandise if the payment is made within a certain time.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Jmorrison21