Accounting Chapter #10 Review

The process of preparing a batch report from a point-of-sale terminal.

The amount of sales tax on a sale is calculated as the price of goods

A bus should post sales on acct transactions to the accts. rec. subsidiary ledger frequently to

There are 10 T/F questions on the test. 50% are true, how many questions are false?

The total of credit & debit card sales are recorded as a debit to cash; the bus gets the total.

By participating in this Quiz game, & answering all questions, Ms. K. will add ______ points to your test score.

The amount a business adds to the cost of merchandise to establish the selling price.

The total of each gen. amount column of a CRJ is posted to the corresponding gen. ledger acct.

The balance of Accounts Receivable should = the total of the schedule of accounts receivable.

Most businesses receive cash for credit and debit card sales

A listing of customer accounts, account balances, and total amount due from all customers.

How much cash will be rec'd. for a sale on acct of $1080 if paid within the 2% discount period?

Separate trans are recorded for cash, credit & debit card, totals listed on a terminal summary.

A special journal used to record only cash receipt transaction.

Credit terms of 2/10, n/30 mean that if the account is paid in

A subsidiary ledger containing all account for charge customers.

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

A tax on a sale of merchandise or services.

Morris Co. records a $1000 sale on acct on 5/23. On 6/6 the customer pays the account. The sale

The report that summarizes the cash and credit card sales of a point-of-sale terminal.

A batch report is a detailed report of cash sales during a specific period of time.

A cash discount on a sale taken by the customer.

Name this adorable little guy!

A terminal summary is also known as a Z tape.

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

The amount a business received from the sale of an item of merchandise.

Only the Fed Gov can exempt from sales taxes some merchandise or sales to certain customers.

Sales tax payable has a normal credit balance.

When merchandise is sold on account and sales tax is also collected

A specialized computer used to collect, store, & report all the info about a sales transaction.

The amount of sales tax collected is a liability of a business until paid to the government.

Regardless of when pay. is rec., rev. should be recorded when a sale is made, not when the rec.

A sale where the customer pays for the total amount of the sale at the time of the transaction.