MEOWWW
The account used to record returns of purchased goods to the supplier.
PURCHASE RETURN
The account used to record cash discounts given to customers.
SALES DISCOUNT
The account used to record the shipping costs incurred on purchases of inventory under the periodic system. It is also called transportation-in.
FREIGHT-IN
Simply refers to the goods that a merchandising business has purchased and primarily intended for resale.
INVENTORY
The account used to record returns of purchased goods to the supplier
PURCHASE RETURN
Under this system, "Cost of goods sold" is also updated each time a sale or sale return is made.
PERPETUAL INVENTORY
Under this system, the business does not maintain records that show the running balances of inventory on hand and cost of goods sold at any given point in time
PERIODIC INVENTORY SYSTEM
Under this system, the inventory account is updated only when a physical count of inventory is performed
PERIODIC INVENTORY SYSTEM
Under this system, the "Inventory" account or is updated each time a purchase or sale is made
PERPETUAL INVENTORY SYSTEM
Records called "stock cards" and "stock ledger cards are maintained under this system
PERPETUAL INVENTORY SYSTEM
_______ (gross income, gross margin, or sales profit) is simply “Net sales MINUS cost of goods sold.”
GROSS PROFIT
A charge on the value of fixed assets of a firm. It is usually entails writing down the cost of a fixed asset.
DEPRECIATION
_____ is the amount derived after deducting all other expenses from the gross profit.
NET PROFIT
Those items of charge on the profits of the company that indicate the sums of money that could not be recovered from a debtor, during the year.
BAD DEBTS
_________ is Total sales minus Sales returns and discounts
NET SALES
In _______, you record income when you receive it.
CASH BASIS
"Sales returns" and "Sales discounts" are _______________ to "Sales" when computing for "Net sales."
DEDUCTION / CONTRA ACCOUNT
In ___________, you record expense when you incur it.
ACCRUAL BASIS
In _______, you record income when you Earn it.
ACCRUAL BASIS
In ________, you record expense when you pay it.
CASH BASIS
If the total of the debit column of the income statement in the worksheet is larger than the total of the credit column of the income statement, the balance is said to be a ___________________ for the period.
LOSS / CREDIT
NET INCOME/NET LOSS will be computed as:
NET INCOME/LOSS = TOTAL REVENUES - TOTAL EXPENSES
The balances that appear in the first two columns of the worksheet originate from the _________________.
GENERAL LEDGER
It is a device used for easy preparation of adjusting entries and financial statements.
WORKSHEET
As a INCOME would Increase the capital, it would be entered in the balance sheet ______ column..
CREDIT