Chapter 9-10
Manufactured goods sold by a business or company
What is Merchandise?
A ledger designed for the storage of specific types of accounting transactions
What is a Subsidiary Ledger?
A sum of money paid regularly
What are dividends?
the sum of a company's gross sales minus its returns, allowances, and discounts
What are Net Sales?
the total accounts receivable minus the allowance for collectible accounts
What is Book Value of Accounts Receivable?
A form for recording transactions in chronological order
What is a Special Amount Column?
An accounting ledger for which a corresponding subsidiary ledger has been created
What is a Controlling Account?
A current asset with a normal debit balance meaning the debit will increase and credit will decrease
What is Merchandise Inventory?
a relative magnitude of tow selected numerical values taken from an enterprise's financial statement
What is a Financial Ratio?
What is Point-Of-Sale terminal?
A journal used to record all cash payments made by a company
What is a cash payments journal?
A listing of all vendors in the accounts payable ledger that the company currently owes money along with current account balances
What is the Schedule of Accounts Payable?
Portion of credit sales in accounts receivable the company does not expect to collect from customers
What are Uncollectible Accounts?
What is Par Value?
a document issued by the seller of the goods or services to the buyer, reducing the amount the buyer owes to the seller under the terms of an earlier invoice
What is a credit memorandum?
A general ledger account which is intended to have its balance be opposite of the normal balance
What is a Contra Account?
A hard copy or electronic spreadsheet listing important employee payroll information for specific payroll periods
What is a Payroll Register?
United states federal law that imposes a federal employer tax used to help fund state work force agencies
What is Federal Unemployment Tax?
direct cost attributed to the production of the goods sold in a company
What is the cost of merchandise sold?
A fix regular payment typically on a monthly or biweekly basis expressed as an annual sum
What is a salary?
A form prepared by the vendor showing the amount deducted for returns and allowances
What is a Terminal Summary?
Payroll tax is withheld from employees' payroll checks and is also matched by the employer
What is Medicare Tax?
A group of people who are elected by a company's share holders to meet periodically to oversee the companies management and represent the interest of the share holders
What is a Board of Directors?
a financial document a company issues as apart of its balance sheet. It highlights the changes in value or ownership in the interest of a company
What is the Statement of the Stockholders equity?
crediting the estimated value of uncollectible accounts to a contra account
What is the allowance method of recording loses from uncollectible accounts?