Accounting IAccounting IChapters 7-11Chapters 7-11

Vocabulary ReviewVocabulary Review

The percentage relationship The percentage relationship between one financial between one financial

statement item and the total statement item and the total that includes that item. 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 Any persons or groups who will be affected by an action. 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 The series of accounting activities included in recording financial included in recording financial information for a fiscal period. 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 Journal entries recorded to update general ledger accounts update general ledger accounts

at the end of a fiscal period. 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 Journal entries used to prepare temporary accounts for a new fiscal temporary accounts for a new fiscal

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

to the next. 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 A trial balance prepared after the closing entries are posted. 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 Accounts used to accumulate information until it is transferred to information until it is transferred to

the owner’s capital account. 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 Total shares of ownership in a corporation. 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 A deduction that a vendor allows on the invoice amount to encourage the invoice amount to encourage

prompt payment. 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 A petty cash on hand amount that is more than a recorded amount. 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 A special journal used to record only cash payment transactions. 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 An organization with the legal rights of a person and which many of a person and which many

persons may own. 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 A form prepared by the customer showing the price deduction taken showing the price deduction taken

by the customer for returns and by the customer for returns and allowances. 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 A journal amount column that is not headed with an account title. 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 The retail price listed in a catalog or on an Internet site. 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 Goods that a business purchases to sell. 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 A business that purchases and sells goods. 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 An invoice used as a source document for recording a purchase document for recording a purchase

on account transaction. 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 A cash discount on purchases taken by a customer. 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 A special journal used to record only purchases of merchandise on purchases of merchandise on

account. 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 A journal amount column headed with an account title. 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 A reduction in the list price granted to customers. 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 A business from which merchandise is purchased or supplies or other is purchased or supplies or other

assets are bought. 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 A report of credit card sales produced by a point-of-sale produced by a point-of-sale

terminal. 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 A special journal used to record only cash receipt transactions. 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 A sale in which cash is received for the total amount of the sale at the the total amount of the sale at the

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

the time of the transaction. 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 A person or business to whom merchandise or services are merchandise or services are

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

sales transaction. 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 A cash discount on sales taken by a customer. 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 A special journal used to record only sales of merchandise on account. 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 A tax on a sale of merchandise or services. 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 A subsidiary ledger containing only accounts for vendors from whom accounts for vendors from whom merchandise or other items are merchandise or other items are

purchased on account. 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 A subsidiary ledger containing only accounts for charge customers. 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!!!!CORRECT!!!!

Click the button to return to the previous slide!

SORRYSORRYWRONG!WRONG!

Click the button to return to the previous slide!