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matching questions 87 match the accounting terms with the description 1 manufacturin 4300069


Matching Questions



Match the accounting terms with the description  

1. Manufacturing business 

     A subsidiary ledger that contains credit customer accounts 


2. List Price 

     Sales made through the use of open-account credit or one of various types of credit cards 


3. Charge-account sales 

     An account with a debit balance, which is contrary to the normal balance for a revenue account 


4. Net price 

     An account that links a subsidiary ledger and the general ledger since its balance summarizes the balances of the accounts in the subsidiary ledger 


5. Contra revenue account 

     A note verifying that a customer's account is being reduced by the amount of a sales return or sales allowance plus any sales tax that may have been involved 


6. Schedule of accounts receivable 

     A customer billing for merchandise bought on credit 


7. Sales allowance 

     An established retail price 


8. Merchandising business 

     A business that sells goods that it has produced 


9. Merchandise inventory 

     The stock of goods a merchandising business keeps on hand 


10. Net Sales 

     A business that sells goods purchased for resale 


11. Control account 

     The list price less all trade discounts 


12. Open-account credit 

     The difference between the balance in the Sales account and the balance in the Sales Returns and Allowances account 


13. Service business 

     A system that allows the sale of services or goods with the understanding that payment will be made at a later date 


14. Wholesale business 

     A business that sells directly to individual consumers 


15. Invoice 

     A reduction in the price originally charged to customers for goods or services 


16. Credit Memorandum 

     A listing of all balances of the accounts in the accounts receivable subsidiary ledger 


17. Accounts receivable ledger 

     A business that sells services 


18. Retail business 

     A ledger dedicated to accounts of a single type and showing details to support a general ledger account 


19. Subsidiary ledger 

     A business that manufactures goods for or distributes goods to retail businesses or large consumers such as hotels and hospitals 




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