Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Pur& CP
Parson - Glencoe 15 - 17
| Question | Answer |
|---|---|
| The ___ is the actual cost of the business of the merchandise to be sold to customers | Cost of Merchandise |
| A(n) ___ contains a folder for each day of the month. | Tiokler file |
| A(n) __ is the period of time within which an invoice must be paid if a discount is to be taken | Discount period |
| A(n) __ is a written offer to a supplier to buy certain items. | Purchase Order |
| The _____ is a ledger that contains acounts for all creditors and the amount owed to each. | Accounts Payable Subsidiary Ledger |
| A(n) ___ is a stamp placed on an invoice that outlines a set of steps to be followed in processing the invoice for payment. | Processing Stamp |
| The ____ is the account used to record the cost of new merchandise | Purchases Account |
| A written request that a certain item or items be ordered is a(n) ____ | Purchase Requisition |
| The ____ is the date by which an invoice must be paid. | Due Date |
| A bill that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer is a(n) ____ | Invoice |
| A form that lists the items included in a shipment is a(n) ____ | Packing Slip |
| A(n) ____ is a cash discount offered by suppliers for prompt payment. | Purchases Discounts |
| A(n) _____ is charged by a bank for handling the bankcard sales slip deposited by a business; it is usually calculated as a percentage fo the total bankcard sales. | bankcard fee |
| _____ means that the supplier pays the shipping cost to the buyer's destination or location. | FOB destination |
| The ____ is the amount paid for insurance. | Premium |
| The cost of merchandise account that is used to record shipping charges on goods is the _____ | Transportation In account |
| When a business returns merchandise bought on account to the supplier for full credit, a(n) occurs___ | Purchases return |
| _____ means that the buyer pays the shipping charge from the supplier's place | FOB Shipping Point |
| A price reduction received by a business for unsatisfactory merchandise kept is a(n) ___ | Purchases Allowance |
| The form a business uses to notify its supplier of a return or allowance is called a(n) _____ | Debit Memorandum |
| The purchases account has a normal ____- balance | Debit |
| The Transportation Account has a normal ____ balance | Debit |
| The Purchases Account is categorized as a ______ type of account. | Cost of Merchandise |
| The Transportation Accounts is categorized as a _______ type of account. | Cost of Merchandise |
| Purchase Discounts is increased on the ____ side. | Credit |
| Purchase Returns and Allowances is increased on the _______ side. | Credit |
| Purchase Discounts is categorized as a(n) ____ type of account. | Contra Cost of Merchandise |
| Purchase Returns & Allowances is categorzied as a(n) _____ type of account. | Contra Cost of Merchandise. |
| A(n)____ is a special journal used for recording the sale of merchandise on account. | Sales Journal |
| The _____ is the date by which the invoice must be paid if a discount is to be taken. | Due Date |
| A(n) _____ is a separate ledger that contains accounts for all creditors. | Accounts Payable Subsidiary Ledger |
| _____ is an account in the general ledger that controls the accounts receivable subsidiary ledger. | Accounts Receivable |
| The ____ is a special journal used for recording all cash received by the business. | Cash Receipts Journal |
| _____ is an account in the general ledger that controls the accounts payable subsidiary ledger. | Accounts Payable. |
| The ____ is an all-purpose journal used for recording transactions that do not fit into a special journal. | General Journal |
| The process of determining whether the amount of cash recorded in the accounting records of a business agrees with the amount recorded in its checkbooks is called _____. | Proving Cash |
| A special journal used for recording all cash paid out of the business is the ______. | Cash Payments Journal |
| The ____ is a separate ledger that contains all charge customers accounts. | Accounts Receivable Subsidiary Ledger |
| The _____ is a special journal used for recording all purchases of assets on account. | Purchase Journal |
| The ____ is a list of all creditors in the accounts payable subsidiary ledger, the balance of each account, and the total owed to all creditors | Schedule of Accounts Payable |
| A(n) ___ is an account in the general ledger that acts as a control on the accuracy of the accounts in the subsidiary ledger. | Controlling Account |
Created by:
PRO Teacher
yparson
Popular Accounting sets