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Objective Review Vocab
Chapters 14-17
25
Accounting
12th Grade
02/26/2013

Additional Accounting Flashcards

 


 

Cards

Term
Accounts Payable Subsidiary Ledger
Definition
The ___ is a ledger that contains all CREDITOR accounts and the amount owed to each.
Term
Accounts Receivable Subsidiary Ledger
Definition
If you wanted to locate a CHARGE CUSTOMER's account quickly, you would look for it in the ___.
Term
Cash Discount
Definition
A reduction in the sales price of an item that is given for prompt payment is a(n) ___.
Term
Cash Receipts Journal
Definition
The special journal in which all transactions involving incoming cash are recorded is the ___.
Term
Controlling Account
Definition
The balance of a(n) ___ must agree with the balances of the accounts in its related subsidiary ledger.
Term
Credit Memorandum
Definition
A(n) ___ is a source document used to notify a charge customer that the CUSTOMER's account will be decreased for the amount of the return or allowance.
Term
Debit Memorandum
Definition
A source document used by the buyer to notify the seller that the SELLER's account is to be decreased is called a(n) ___.
Term
Discount Period
Definition
The period of time within which an invoice must be paid in order to receive an amount off the invoice price is called a(n) ___.
Term
FOB Destination
Definition
Shipping terms of ___ specify that the SUPPLIER pays the shipping cost to the buyer's location.
Term
FOB Shipping point
Definition
Shipping terms of ___ specify that the BUYER pays the shipping charge from the supplier's shipping location.
Term
Inventory
Definition
The items of merchandise a business has in stock are its ___.
Term
Invoice
Definition
A(n) ___ is a document that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer.
Term
Proving Cash
Definition
___ is the process of determining whether the amounts of cash recorded in a business's acounting records and in its checkbook agree.
Term
Purchase Allowance
Definition
A business receives a ___ when it keeps unsatisfactory merchandise but pays less than its original price.
Term
Purchase Discount
Definition
___ is a cash discount offered by the supplier for early payment.
Term
Purchase Order
Definition
A written offer to a supplier to buy certain items is called a(n) ___.
Term
Purchase Return
Definition
Merchandise returned by the buyer to the supplier for full credit is called a(n) ___.
Term
Sales Allowance
Definition
A price reduction offered to a customer by a business for keeping damaged or defective merchandise is a(n) ___.
Term
Sales Journal
Definition
A(n) ___ is a special journal used to record only the sale of merchandise on account.
Term
Sales Return
Definition
A(n) ___ is full credit or a cash refund offered to a customer for any returned merchandise.
Term
Schedule of Accounts Payable
Definition
A(n) ___ is a list of all CREDITORS in the accounts payable ledger, the balance in each account, and the total amount owed.
Term
Schedule of Accounts Receivable
Definition
A(n) ___ lists all the accounts in the accounts receivable subsidiary ledger and their balances.
Term
Special Journal
Definition
A(n) ___ is used to record a specific kind of business transaction.
Term
Subsidiary Ledger
Definition
A(n) ___ is a ledger that is summarized in a controlling account in the general ledger.
Term
Wholesaler
Definition
A(n) ___ is a business that sells merchandise to retailers.
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