Merchandising 1
Merchandising 2
Merchandising 3
Merchandising 4
Merchandising 5
100
A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account
What is Accounts payable ledger
200
A subsidiary ledger containing only accounts for charge customers
What is Accounts Receivable Ledger
200
Business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from its owners
What is Corporation
200
A sale in which cash is received for the total amount of the sale at the time of the transaction
What is Cash Sale
200
The price a business pays for goods it purchases to sell
What is Cost of Merchandise
300
A report which gives performance information over a specific date range
What is Batch Report
300
Incentive offered by a seller to a buyer for settling the invoice immediately on delivery or in a period substantially shorter than the conventional period in that industry or market.
What is Cash Discount
300
A petty cash on hand amount that is less than a recorded amount.
What is Cash Short
300
A person or business to which merchandise or services are sold
What is Customer
400
Closing out all the transactions on the system that were processed for a particular day
What is Batching Out
400
Journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger
What is Cash Receipt Journal
400
An account that reduces a related account on a financial statement
What is Contra Account
400
Any asset expected to last or be in use for less than one year
What is Current Assets
400
Form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
What is Credit Memorandum
500
Total amount of a firm's capital, represented by the value of its issued common and preferred stock
What is Capital Stock
500
A petty cash on hand amount that is more than a recorded amount.
What is Cash Over
500
An account in a general ledger that summarizes all accounts in a subsidiary ledger
What is Controlling Account
500
The total original price of all merchandise sold during a fiscal period
What is Cost of Merchandise Sold (goods)
500
A sale in which a credit card is used for the total amount of the sale at the time of the transaction
What is Credit Card Sale