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Accounting Terms
Accounting Categories
Accounting Transactions
Accounting Calculations
Account Catergories
100
Merchandise for resale
What is purchases
100
Accounts Payable
What is liability
100
Purchased inventory on account
What is a debit to purchases, credit accounts payable.
100
Assets - Liabilities
What is Owner's Equity
100
Land
What is asset
200
Seller Pays or is responsible for the cost of freight
What is FOB Destination?
200
Freight - In
What is cost
200
Returned defective merchandise to seller of purchases on account
What is A/P debit/ Purchases Returns and Allowances credit.
200
Revenue less expenses, where expenses exceed revenue
What is Net loss
200
Commission
What is Expense
300
form used in business to place an order for the buying of goods from a seller
What is Purchase order
300
Purchases returns and allowances
What is contra-cost.
300
Paid invoice due with cash within 10 days to receive discount
What is A/P debit, Purchase discount credit, and cash credit.
300
Gross Profit less operating expenses
What is Net income/ Net loss
300
Inventory
What is asset
400
an account that records the cost of merchandise inventory used to make a sale
What is cost of goods sold
400
Purchases Discounts
What is contra-cost
400
Paid invoice due with cash
What is debit A/P, credit cash
400
Purchases less Purchases Returns and Allowances less Purchases discount
What is Net Purchases
400
Unearned Revenue
What is a liability
500
**Daily Double** The account in the general ledger that summarizes or controls a subsidiary ledger.
What is controlling account.
500
Purchases
What is cost
500
Purchased merchandise on account plus frieght
What is debit purchases, Freight debit, A/P credit
500
Revenues less cost of goods sold
What is Gross Profit
500
Distribution/ Draw Account
What is Owner's Equity