Accounting Terms
Accounting Terms pt. 2
Fill in the Blank
Analyzing Sales and Receipts
Potpourri
100
A tax on a sale of merchandise or services.
What is sales tax?
100
A cash discount on a sale taken by the customer.
What is a sales discount?
100
Sales Tax Payable has a normal _____ balance.
What is a normal credit balance?
100
Credit terms of 2/10, n/30 mean that if the account is paid in ____ days, a ____% discount will be allowed.
What is 10 days, 2%?
100
This hurricane devastated New Orleans in 2005
What is Hurricane Katrina?
200
A special journal used to record only sales of merchandise on account.
What is a sales journal?
200
The amount a business receives from the sale of an item of merchandise.
What is a selling price?
200
The balance of Accounts Receivable should equal the total of ____ which is calculated at the end of the recording process.
What is the total of the schedule of accounts receivable?
200
The amount of cash received for a sale on account of $1,000 when cash is received within the 2% discount period is...
What is $20?
200
What is the FULL name of this character from the hit TV series Stranger Things?
Who is Dustin Henderson?
300
A subsidiary ledger containing all accounts for charge customers.
What is an accounts receivable ledger?
300
A listing of customer accounts, account balances, and total amount due from all customers.
What is a schedule of accounts receivable?
300
Regardless of when payment is received, the _____ should be recorded when a sales is made, not on the date cash is received.
What is revenue?
300
The amount of sales tax on a sale is calculated as ______?
What is the price of goods times the sales tax rate?
300
Solve the following equation for x:
21 + x = 37
What is 16?
400
The amount a business adds to the cost of merchandise to establish the selling price?
What is a markup?
400
A special journal used to record only cash receipt transactions?
What is a cash receipts journal?
400
The amount of sales tax collected is a ____ until paid to the government.
What is a liability?
400
Most business receive cash for credit and debit card sales within this time period.
What is within 2-3 days after batching out?
400
This paragraph describes what novel written by Gary Paulsen?
Brian Robeson is the thirteen-year-old son of divorced parents. As he travels from Hampton on a single-engine Cessna bush plane to visit his father in the oil fields of Northern Canada for the summer, the pilot suddenly suffers a massive heart attack and dies. Brian tries to land the plane, but he runs out of fuel and sees nowhere to go, so ends up crash-landing into a L-shaped lake in the middle of a vast forest.
What is Hatchet?
500
A specialized computer used to collect, store, and report all the information about a sales transaction.
What is a point-of-sale (POS) terminal?
500
The process of preparing a batch report from a point-of-sale terminal.
What is batching out?
500
The _____ can exempt from sales taxes some types of merchandise or sales to certain types of customers.
What is the federal or state government?
500
A business should post sales on account transactions to the accounts receivable subsidiary ledger frequently to do what?
What is ensure each customer account will show an up-to-date balance?
500
Who did BDS volleyball lose to in 5 sets in the final game of the regular season in 2019 before going on to win state?
What is Lawrence/Nelson?