5 Written Questions
5 Matching Questions
- Purchases Allowance
- Trade Discount
- Cost of Merchandise
- List Price
- a a reduction in the list price granted to customers.
- b a person or business to whom merchandise or services are sold.
- c the price a business pays for goods it purchases to sell.
- d credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
- e The retail price listed in a catalog or on an Internet site.
5 Multiple Choice Questions
- form or letter issued by a seller to advise the amount owed by the buyer
- a ledger that is summarized in a single general ledger account.
- business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
- A listing of vendor accounts, account balances, and total amount due all vendors.
- A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
5 True/False Questions
Batching Out → closing out all the transactions on the system that were processed for a particular day.
Point-of-sale (POS) Terminal → A special journal used to record only sales of merchandise on account.
Capital Stock → total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
Sales Discount → a cash discount on sales
Term of Sale → An agreement between a buyer and a seller about payment for merchandise.