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

 

Matching Questions

 

87.

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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