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.
Help!
|
|
||||
|---|---|---|---|---|---|
| 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
🗑
|
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
mryan396
Popular Finance sets