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Accounting-4

Arkansas Unit 4: Basic Accounting Cycle-Merchandising Business

QuestionAnswer
Accounts Payable Ledger A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
Accounts Receivable Ledger A subsidiary ledger containing only accounts for charge customers.
Batch Report A report which gives performance information over a specific date range.
Batching Out Closing out all the transactions on the system that were processed for a particular day.
Capital Stock Total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
Corporation Business that meets certain legal requirements to be recognized as having legal existence, as an entity separate and distinct from its owners.
Cash Discount Incentive offered by a seller to a buyer for settling the invoice immediately on delivery or in a period substantially shorter than the convential period in that industry or market.
Cash Receipt Journal Journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
Cash Over A petty cash on hand amount that is more than a recorded amount.
Cash Sale A sale in which cash is recieved for the total amount of the sale at the time of the transaction.
Cash Short A petty cash on hand amount that is less than a recorded amount.
Contra Account An account that reduces a related account on a financial statement.
Controlling Account An account in a general ledger that summarizes all accounts in a subsidiary ledger.
Cost of Merchandise The price a business pays for goods it purchases to sell.
Cost of Merchandise Sold (Goods) The total original price of all merchandise sold during a fiscal period.
Credit Card Sale A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
Credit Memorandum Form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
Current Assets Any asset expected to last or be in use for less than one year.
Customer A person or business to which merchandise or services are sold.
Debit Memorandum Form or letter issued by a seller to advise the amount owed by the buyer.
Distribution-of-Net-Income-Statement A partnership financial statement showing net income or loss distribution to partners.
General Amount Column A journal account column that is not headed with an account title.
Gross Profit on sales The revenue remaining after cost of merchandise sold has been deducted.
Historical Cost Concept The actual amount paid for merchandise or other items bought is recorded.
Inventory The amount of goods on hand.
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 merchandising business purchases to sell.
Merchandise Inventory The amount of goods on hand to sell to customers.
Owner's Equity Statement A financial statement that summarizes the changes in owner's equity during a fiscal period.
Partner Each member of a pertnership.
Plant Assets Assets that will be used for a number of years in the operation of a business.
Purchase Invoice An invoice used as a source document for recording a purchase on account transaction.
Point-of-Sales (POS) Terminal A computer used to collect, store, and report all the information of a sales transaction.
Purchases Discount A cash discount on purchases taken by a customer.
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.
Retail Merchandising Business A merchandising business that sells to those who use or consume the goods.
Retained Earnings An amount earned by a corporation and not yet distributed to stockholders.
Sales Discount A cash discount on sales.
Sales Journal A special journal used to record only sales of merchandise on account.
Sales Return Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
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 Tax A tax on a sale of merchandise or services.
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.
Share of Stock Each unit of ownership in a corporation.
Stockholder An owner of one or more shares of a corporation.
Special Amount Column A journal amount column headed with an account title.
Subsidiary Ledger A ledger that is summarized in a single general ledger account.
Supporting Schedule A report prepared to give details about an item on a principal financial statement.
Terms of Sale An agreement between a buyer and a seller about payment for merchandise.
Terminal Summary The report that summarizes the cash and credit sales of a point-of-sale terminal.
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.
Wholesale Merchandising Business A business that buys and resells merchandise to retail merchandising businesses.
Created by: michrob15
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