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19 Cards in this Set
- Front
- Back
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Accounts payable ledger |
A seperate ledger containing an individual account payable for each supplier |
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Contra-cost account |
An account with a credit balance that is deducted from the related cost account. |
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Contra-purchase account |
See contra-cost account |
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Cost of goods sold |
The difference between the goods available for sale and the ending inventory |
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Cost of merchandise sold |
See cost of goods sold |
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FOB destination |
Shipping terms indicating that transportation charges are paid by the seller. |
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FOB shipping point |
Shipping terms indicating that transportation charges are paid by the buyer |
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Gross margin |
See gross profit |
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Gross profit |
The difference between net sales and the cost of goods sold |
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Gross-price method |
Under this method, purchases are recorded at the gross amount |
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Invoice |
A document prepared by the seller as a bill for the merchandise shipped. To the seller, this is a sales invoice. To the buyer, this is a purchase invoice. |
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Net-price method |
Under this method, purchases are recorded at the net amount, assuming all available cash discounts are taken. |
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Purchase invoice |
A document prepared by the seller as a bill for the merchandise shipped. To the buyer, this is a purchase invoice. |
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Purchase order |
A written order to buy goods from a specific vendor (supplier) |
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Purchase requisition |
A form used to request the purchase of merchandise or other property |
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Purchases |
Merchandise acquired for resale to customers. |
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Receiving report |
A report indicating what has been received |
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Schedule of accounts payable |
An alphabetical or numerical listing of supplier accounts and balances, usually prepared at the end of the month. |
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Trade discount |
A reduction from the list or catalog price offered to different classes of customers. |
