How can we help?

You can also find more resources in our Help Center.

48 terms

accounting final

STUDY
PLAY
partnership
a business in which two or more persons combine their assets and skills
partner
each member of a partnership
merchandising business
a business that purchases and sells goods
retail merchandising business
a merchandising business that sells to those who use or consume the goods
merchandise
goods that a merchandising business purchases to sell
wholesale merchandising business
a business that buys and resells merchandise to retail merchandising businesses
special journal
a journal used to record only one kind of transaction
cost of merchandise
the price a business pays for goods it purchases to sell
markup
the amount added to the cost of merchandise to establish the selling price
vendor
a business from which merchandise is purchased or supplies or other assets are bought
purchases journal
a special journal used to record only purchases of merchandise on account
special amount column
a journal amount column headed with an account title
purchase invoice
an invoice used as a source document for recording a "purchase on account" transaction
terms of sale
an agreement between a buyer and a seller about payment for merchandise
cash payments journal
a special journal used to record only cash payment transactions
general amount column
a journal amount column that is not headed with an account title
customer
a person or business to whom merchandise or services are sold to
sales tax
a tax on a sale of merchandise or services
sales journal
a special journal used to record only sales of merchandise on account
cash sale
a sale in which cash is received for the total amount of the sale at the time of the transaction
credit card sale
a sale in which a credit card is used for the total amount of the sale at the time of the transaction
cash receipts journal
a special journal used to record only cash receipt transactions
subsidiary ledger
a ledger that is summarized in a single general ledger account
accounts payable ledger
a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account
accounts receivable ledger
a subsidiary ledger containing only accounts for charge customers
controlling account
an account in a general ledger that summarizes all accounts in a subsidiary ledger
schedule of accounts payable
a listing of vendor accounts, account balances, and total amount due to all vendors
schedule of accounts receivable
a listing of customer accounts, account balances, and total amount due from all customers
salary
the money paid for employee services
pay period
the period covered by a salary payment
payroll
the total amount earned by all employees for a pay period
total earnings
the total pay due for a pay period before deductions
payroll taxes
taxes based on the the payroll of a business
witholding allowance
a deduction from total earnings for each person legally supported by a taxpayer, including the employee
social security tax
a federal tax paid for old age, survivors, and disability insurance
Medicare tax
a federal tax paid for hospital insurance
tax base
the maximum amount of earnings on which a tax is calculated
payroll register
a business form used to record payroll information
net pay
the total earning paid to an employee after payroll taxes and other deductions
employee earnings record
a business form used to record details affecting payments made to an employee
federal unemployment tax
a federal tax used for state and federal administrative expense of the unemployment program
state unemployment tax
a state tax used to pay benefits to unemployed workers
inventory
the amount of goods on hand
merchandise inventory
the amount of goods on hand for sale to customers
cost of merchandise sold
the total original price of all merchandise sold during a fiscal period
gross profit on sales
the revenue remaining after cost of merchandise sold has been deducted
distribution of net income statement
a partnership financial statement showing net income or loss distribution to each partner
owners' equity statement
a financial statement that summarizes the changes in owners' equity during a fiscal period