Chapter 11
About this set
Created by:
ilovederekcook on December 10, 2011
Subjects:
Log in to favorite or report as inappropriate.
Order by
14 terms
Terms | Definitions |
|---|---|
 Accounts Payable Ledger | A separate ledger containing an individual account payable for each supplier |
| Contra-Cost Account | An account with a credit balance that is deducted from the related cost account |
| Cost of Goods Sold | The difference between the goods available for sale and the ending inventory |
| FOB Destination | Shipping terms indicating that transportation charges are paid by the seller |
| FOB Shipping Point | Shipping terms indicting that transportation charges are paid by the buyer |
| Gross Profit | The difference between net sales and cost of goods sold |
| Invoice | A document prepared by the seller as a bill for the merchandise shipped.To the seller, this is a sales invoice. To the buyer this is a purchase invoice |
| Purchase Invoice | A document prepared by the seller as a bill for the merchandise shipped. To the buyer this is a purchase invoice |
| Purchase Order | A written to buy goods from a specfic vendor (supplier) |
| Purchase Requistion | A form used to request the purchase of merchandise or other property |
| Purchases | Merchandise acquired for resale to customers |
| Receiving Report | A report indicating what has been recieved |
| Schedule of Accounts Payable | A alphbetical or numerical listing of supplier accounts and balances usually prepared at the end of the month |
| Trade Discount | A reduction from the list or catalog price offered to different classes or customers |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.