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Chapters 9-16 Terms

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
capital stock   total shares of ownership in a corporation  
cash discount   a deduction that a vendor allows on the invoice amount to encourage prompt payment  
cash over Or Cash Short   a petty cash on hand amount that is more or less than a recorded amount  
cash payments journal   a special journal used to record only cash payment transactions  
contra account   an account that reduces a related account on a financial statement  
corporation   an organization with the legal rights of a person and which many persons may own  
cost of merchandise   the price a business pays for goods it purchases to sell  
debit memorandum   form prepared by the customer showing the price deduction taken by the customer for returns and allowances  
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 business purchases to sell  
merchandising business   a business that purchases and sells goods  
purchase invoice   an invoice used as a source document for recording a purchase on account transaction  
purchase on account   a transaction in which the merchandise purchased is to be paid for later  
purchases journal   a special journal used to record only purchases of merchandise on account  
share of stock   each unit of ownership in a corporation  
special amount column   a journal amount column headed with an account title  
stockholder   an owner of one or more shares of a corporation  
trade discount   a reduction in the list price granted to customers  
vendor   a business from which merchandise is purchased or supplies or other assets are bought  
batch report   a report of credit card sales produced by a point-of-sale terminal  
cash receipts journal   special journal used to record only cash receipt transactions  
credit memorandum   a form prepared by the vendor showing the amount deducted for returns and allowances  
point-of-sale (POS) terminal   a computer used to collect, store, and report all the information of a sales transaction  
sales discount   a cash discount on sales taken by a customer  
sales journal   a special journal used to record only sales of merchandise on account  
terminal summary   the report that summarizes the cash and credit card sales of a point-of-sale terminal  
accounts payable ledger   a subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account  
accounts receivable ledger   a subsidiary ledger containing only accounts for charge customers  
controlling account   an account in a general ledger that summarizes all accounts in a subsidiary ledger  
schedule of accounts payable   a listing of vendor accounts, account balances, and total amount due all vendors  
schedule of accounts receivable   a listing of customer accounts, account balances, and total amount due from all customers  
subsidiary ledger   a ledger that is summarized in a single general ledger account  
employee earnings record   a business form used to record details affecting payments made to an employee  
Medicare tax   a federal tax paid for hospital insurance  
net pay   the total earnings paid to an employee after payroll taxes and other deductions  
pay period   the period covered by a salary payment  
payroll   the total amount earned by all employees for a pay period  
payroll register   a business form used to record payroll information  
payroll taxes   taxes based on the payroll of a business  
salary   the money paid for employee services  
social security tax   a federal tax paid for old-age, survivors, and disability insurance  
tax base   the maximum amount of earnings on which a tax is calculated  
total earnings   the total pay due for a pay period before deductions  
withholding allowance   a deduction from total earnings for each person legally supported by a taxpayer, including the employee  
federal unemployment tax   a federal tax used for state and federal administrative expenses of the unemployment program  
accumulated depreciation   the total amount of depreciation expense that has been recorded since the purchase of a plant asset  
allowance method of recording losses from uncollectible accounts   crediting the estimated value of uncollectible accounts to a contra account  
board of directors   a group of persons elected by the stockholders to manage a corporation  
book value   the difference between an asset’s account balance and its related contra account balance  
current assets   cash and other assets expected to be exchanged for cash or consumed within a year  
declaring a dividend   action by a board of directors to distribute corporate earnings to stockholders  
depreciation expense   the portion of a plant asset’s cost that is transferred to an expense account in each fiscal period during a plant asset’s useful life  
dividends   earnings distributed to stockholders  
merchandise inventory   the amount of goods on hand for sale to customers  
plant assets   assets that will be used for a number of years in the operation of a business  
retained earnings   an amount earned by a corporation and not yet distributed to stockholders  
straight-line method of depreciation   charging an equal amount of depreciation expense for a plant asset in each year of useful life  
uncollectible accounts   accounts receivable that cannot be collected  
cost of merchandise sold   the original price of all merchandise sold during a fiscal period  
current liabilities   liabilities due within a short time, usually within a year  
earnings per share   the amount of net income after federal income tax belonging to a single share of stockearnings per share  
long-term liabilities   liabilities owed for more than a year  
net sales   total sales less sales discount and sales returns and allowances  
statement of stockholders’ equity   a financial statement that shows changes in a corporation’s ownership for a fiscal period  
supporting schedule   a report prepared to give details about an item on a principal financial statement  
financial ratio   a comparison between two items of financial information  
gross profit on sales   the revenue remaining after cost of merchandise sold has been deducted  
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  
purchases return   credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s accounts payable  
sales allowance   credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor’s accounts receivable  
sales return   credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor’s accounts receivable  


   






 
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