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38 Cards in this Set
- Front
- Back
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cash sales |
sales that are made for immediate payment by cash |
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credit sales |
sales that are made now but payment is not required for a specified period of time |
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receivable |
someone who owes money to the business |
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sales returns |
returns of goods from customers |
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purchases |
purchase either of materials that are made into goods for resale or purchase of goods that are to be resold to customers |
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cash purchases |
purchases made where payment is required immediately |
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credit purchases |
purchases made now where payment is not required until the end of a specified period of time |
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payable |
someone who is owed money by the business |
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purchases reuturns |
returns of goods to suppliers |
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capital expenditure |
payments made for non-current assets |
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non-current assets |
assets that are to be used for the long term within the business |
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revenue expenditure |
payments for everyday business expenses other than the purchase of non-current assets |
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primary document |
the document that supports and evidences a business transaction |
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primary record |
the book of prime entry for recording the details about business transactions shown in the primary document |
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sales invoice |
issued by the seller to the purchaser of goods on credit showing the details of goods sold, the amount due and the due date of payment |
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credit note |
a document issued to a customer who returms goods showing the details of the goods returned and their value |
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remittance advice note |
a document sent with a payment setting out which amounts are being paid, and whether any settlement discount is being taken |
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cheque book stub |
the part of a cheque that remains in the cheque book when the cheque is removed and sent out, recording the details of the cheque |
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purchase invoice |
an invoice received from a credit supplier detailing the goods purchased, the amount due and the due date of payment |
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automated payments |
payments made directly from one bank account to the bank account of another party such as standing orders, direct debits, bank giro credits and BACS payments |
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petty cash box |
the locked box in which any amounts of cash are kept on the business premises in order to make small cash payments |
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petty cash voucher |
the voucher that must be completed and authorised before any petty cash will be paid out |
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book of prime entry |
the initial record of each type of transaction - a list of each type of primary record |
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sales day book |
a list of each of the sales invoices sent out by the business to credit customers |
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sales returns day book |
a list of each of the credit notes issued by the business to credit customers |
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purchases day book |
a list of the invoices received from credit suppliers |
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purchases returns day book |
a list of credit notes received from suppliers |
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cash receipts book |
a record of all of the cheques and cash received by the business |
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cash payments book |
a record of all of the cheques and any automated payments made
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petty cash book |
details of all of the petty cash payments made and the receipt of cash into the petty cash box |
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jornal |
the book of prime entry for non standard transactiond |
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general ledger |
the ledger in which is kept a ledger account for each type of income, expense, asset and liability |
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sales ledger control account |
the account in which the general ledger for receivables representing the total amounts owed by trade receivables |
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purchases ledger control account |
the account in which the general ledger for payables representing the total amounts owed by all trade payables |
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sales ledger |
the ledger in which is kept an account for each individual receivable |
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purchases ledger |
the ledger in which is kept an account for each individual payable |
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accounting equation |
ASSETS minus LIABILITIES equals CAPITAL |
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trial balance |
a list of the balances on each of the ledger accounts in the general ledger |
