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Accounting - Financial Accounting

user_jevbwl Created by 5 mon ago

Cards in this deck(51)

goods that a business purchases to sell

a business that purchases and resells goods

A merchandising business that sells to those who use or consume the goods

buys and resells merchandise primarily to other merchandising businesses

an organization with the legal rights of a person which many persons or other corporations may own

the assets or other financial resources available to a business

each unit of ownership in a corporation

the owner of one or more shares of stock

the total shares of ownership in a corporation

a legal document that identifies basic characteristics of a corporation, is a part of the application submitted to a state to become a corporation

a state approves the formation of a corporation by issuing a _______, the legal right for a business to conduct operations as a corporation

A business from which merchandising, supplies, or other assets are purchased

a ledger that is summarized in a single general ledger account

accountants often refer to a subsidiary ledger as this

the subsidiary ledger containing vendor accounts

an account in a general ledger that summarizes all accounts in a subsidiary ledger

What is the primary difference between retail and wholesale merchandising businesses?

What allows a corporation to own property, incur liabilities, and enter into contracts in its own name?

What is the principle difference between the accounting records of proprietorships and corporations?

What is the relationship between a controlling account and subsidiary ledger?

What column on a general ledger form is not on an accounts payable ledger form?

a list of assets, usually containing the value of individual items

the goods a business has on hands for sale to customers

an inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise

a merchandise inventory evaluated at the end of a fiscal period

when a periodic inventory is conducted by counting, weighting, or measuring items of merchandise on hand

the amount a business pays for goods it purchases to sell

a form requesting the purchase of merchandise

a form requesting that a vendor sell merchandise to a business

a journal used to record only on kind of transaction

businesses typically use ______ journals

for all purchases of merchandise on account

for all cash payments

For all sales of merchandise on account

for all cash receipts

for all other transactions

a transaction in which the items purchased are to be paid for later

a special journal used to record only purchases of merchandise on account

a journal amount column headed with an account title

an invoice used as a source document for recording a purchase on account transaction

an agreement between a buyer and a seller about payment for merchandise =

the date by which an invoice must be paid

1. Record the initials of the employee processing the invoice, date received, and the purchase invoice number in the stamp 2. Place a check mark by each of the amounts in the Total column to show that the items have been received and that amounts have been checked and are correct 3. Review the vendor's terms and the payment due date

1. Write the date in the Date column 2. Write the vendor account title in the Account Credited Column 3. Write the purchase invoice number in the Purch. No. Column 4. Write the amount of the invoice in the special amount column

What is the difference between a periodic inventory system and a perpetual inventory system?

When the perpetual inventory system is used, in what account are purchases recorded? In what account are purchases recorded when the periodic inventory system is used?

Identify the four special journals typically used by a business

How are special amount columns used in a journal?

Why are there two account titles in the amount column of the purchases journal?

What is the advantage of having special amount columns in a journal?

What information is contained on a purchase invoice?

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