Sales and Pricing
This is the retail price listed in a catalog or on an Internet site.
What is list price?
This is a financial statement that reports assets, liabilities, and owner’s equity on a specific date.
What is a balance sheet?
This is the owner of one or more shares of stock.
What is a stockholder?
This is the process of recording transactions in a journal.
What is journalizing?
This foundational concept in accounting shows the relationship among assets, liabilities, and owner’s equity.
What is the accounting equation?
This is a business from which merchandise, supplies, or other assets are purchased.
What is vendor?
This is the cost, amount, and distribution terms regarding a sale
What are the Terms of Sale?
This is a period of 12 consecutive months during which financial reports are made
What is a financial year?
This is a business that purchases and resells goods.
What is a merchandising business?
This is a special journal used to record only cash payment transactions.
What is cash payments journal?
This is the type of transaction that is recorded on the left side of a T-account.
What is a debit transaction?
This is an account with holdings such as cash or securities that are used for the purpose of buying and selling assets
What is trade account?
What is the amount a business pays for goods it purchases to sell.
What is the cost of merchandise?
This is a financial statement showing the revenue and expenses for a fiscal period.
What is an income statement?
This is an organization with the legal rights of a person which many persons or other corporations may own.
What is a corporation?
This is a journal used to record only one kind of transaction.
What is special journal?
This is the area of accounting which focuses on reporting information to external users.
What is financial accounting?
This is a unit of ownership in a corporation.
share of stock
This may be applied when a company that has purchased merchandise on account takes a cash discount.
What is a purchases discount?
This is a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
What is a work sheet?
This is a merchandising business that sells to those who use or consume the goods.
What is a retail merchandising business
This is a journal amount column headed with an account title.
What is journal amount column?
This is a journal amount column headed with an account title.
What is a special amount column
This is a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
What are electronic funds transfer?
This shorthand phrase means, 2% of the invoice may be deducted if the invoice is paid within 10 days of the invoice, otherwise, Net is due within 30 days.
What is 2/10, n/30 (two ten, net thirty)?
This is a financial statement that reports the changes in the capital account for a proprietorship for a period of time
What is a statement of owner’s equity
This is a business that buys and resells merchandise primarily to other merchandising businesses.
What is wholesale merchandising business?
This is a special journal used to record only purchases of merchandise on account.
What is a purchases journal?
This is an accounting method where payments and expenses are recorded as they are earned or incurred.
What is the accrual basis of accounting?
This is a signature or stamp on the back of a check transferring ownership.
What is an endorsement?