Income Statement
Merchandising Business
Bank Recs
More on Cash...
Potpourri
100
Sales less returns, allowances and discounts
What is Net Sales
100
A seller who returns defective merchandise issues
What is a credit memo
100
Adjustments to book balance will include these 3 types of transactions
What is bank charges, NSF checks, and interest received
100
When no one employee should perform all duties is termed
What is segregation of duties
100
Sales tax of 9% on sale of $2000 ($180) is recorded as
What is a credit to sales tax payable
200
inventory that is not updated regularly
What is periodic
200
Title passes to buyer upon delivery of goods under these terms
What is FOB destination point
200
Bank balance adjustments include these 2 adjustments
What is deposits in transit and outstanding checks
200
This is received with checks paid by customers
What is a remittance advice
200
The control element in a business is influenced by
What is the organizational hierachy
300
operating expenses are these two types of expenses
What are selling and administrative
300
Buyer is not obligated to pay delivery charges under this agreement
What is FOB shipping
300
A check written for $4300 was recorded as $3400 in the cash ledger; the adjustment will be as follows
What is a $900 credit to cash
300
Proof authorizing payment and attached to an invoice and purchase order
What is a voucher
300
Safeguarding assets is one of the objectives of
What is Internal Control
400
Net Sales less this gives us Gross Profit
What is Cost of Merchandise Sold
400
Sales discounts are recorded by
What is the seller
400
The Balance Sheet year-end Cash balance is
What is the adjusted balance per reconciliation
400
A more cost-effective and efficient way to perform cash tranactions
What is ETF (Electronic Fund Transfer)
400
Cash Equivalents include these three
What is Treasury Bills, Money Market Accounts and Commercial Paper
500
Delivery and Freight expenses are part of these expenses
What is Selling Expenses
500
A purchaser who takes a discount offered will deduct this discount from
What is Inventory
500
Restoring public confidence in publicly traded companies was the objective of
What is the Sarbanes-Oxley Act
500
The Sarbanes-Oxley Act resulted after the collapse of these 2 giant companies
What is Enron and Tyco
500
Difference between Book and Physical inventory is referred to as
What is Shrinkage
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