Accounting I Chapters 7-11 Vocabulary Review

The percentage relationship between one financial statement item and the total that includes that item.

absolute percentage component percentage neither Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

Any persons or groups who will be affected by an action.

stockholders stakeholders taxpayers Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

The series of accounting activities included in recording financial information for a fiscal period.

fiscal period accounting period accounting cycle Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

Journal entries recorded to update general ledger accounts at the end of a fiscal period.

adjusting entries closing entries temporary entries Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

Journal entries used to prepare temporary accounts for a new fiscal period.

 adjusting entries closing entries temporary entries Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

Accounts used to accumulate information from one fiscal period to the next.

permanent accounts temporary accounts neither Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A trial balance prepared after the closing entries are posted.

closing balance adjusting balance post-closing trial balance Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

Accounts used to accumulate information until it is transferred to the owner’s capital account.

adjusting accounts permanent accounts temporary accounts Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

Total shares of ownership in a corporation.

capital stock promissory note stock option Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A deduction that a vendor allows on the invoice amount to encourage prompt payment.

purchase discount cash discount trade discount Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A petty cash on hand amount that is more than a recorded amount.

cash over cash shortage neither Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A special journal used to record only cash payment transactions.

cash receipts journal purchases journal cash payments journal Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

An organization with the legal rights of a person and which many persons may own.

corporation franchise sole proprietorship Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A form prepared by the customer showing the price deduction taken by the customer for returns and allowances.

 cash receipt source document debit memorandum Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A journal amount column that is not headed with an account title.

cash column general amount column special amount column Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

The retail price listed in a catalog or on an Internet site.

cash price markup price list price Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

Goods that a business purchases to sell.

merchandise goods sold stuff Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A business that purchases and sells goods.

franchise business merchandising business neither Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

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

debit memorandum purchase invoice receipt Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A cash discount on purchases taken by a customer.

purchase discount allowance sales tax Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A special journal used to record only purchases of merchandise on account.

general journal cash payments journal purchases journal Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A journal amount column headed with an account title.

special amount column general amount column cash column Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A reduction in the list price granted to customers.

cash discount retail discount trade discount Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A business from which merchandise is purchased or supplies or other assets are bought.

vendor sales office payroll department Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A report of credit card sales produced by a point-of-sale terminal.

annual report batch report fiscal period report Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A special journal used to record only cash receipt transactions.

cash receipts journal cash payments journal purchases journal Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A sale in which cash is received for the total amount of the sale at the time of the transaction.

cash sale credit card sale invoice Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A sale in which a credit card is used for the total amount of the sale at the time of the transaction.

cash sale credit card sale invoice Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A person or business to whom merchandise or services are sold.

buyer wholesaler customer Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A computer used to collect, store, and report all the information of a sales transaction.

automated teller machine point of sale terminal abacus Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A cash discount on sales taken by a customer.

sales discount ½ price sale allowance Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A special journal used to record only sales of merchandise on account.

cash payments journal general journal sales journal Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A tax on a sale of merchandise or services.

sales tax luxury tax neither Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account.

accounts receivable ledger accounts payable ledger general ledger Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

A subsidiary ledger containing only accounts for charge customers.

accounts receivable ledger accounts payable ledger general ledger Use your mouse or pointer to click on the term that fits the definition on the previous slide. To move to the next slide, click the arrow button...

CORRECT!!!! Click the button to return to the previous slide!

SORRY WRONG! Click the button to return to the previous slide!