Solved

Match the Description with the Accounting Terms

Question 42

Matching

Match the description with the accounting terms.

Premises:

Responses:

An account used to record cost of goods purchased for resale during a period

Cost of goods sold

A form showing quantity and condition of goods received

Freight In account

A list sent to the purchasing department showing the items to be ordered

Purchase allowance

A list of all balances owed to creditors

Purchase invoice

The actual cost to the business of the merchandise sold to customers

Purchase order

An account showing transportation charges for items purchased

Purchase requisition

An order to the supplier of goods specifying items needed, quantity, price, and credit terms

Purchase return

Purchases account

Purchases discount

Purchases journal

Receiving report

Sales discount

Sales invoice

Schedule of accounts payable

Premises:

An account used to record cost of goods purchased for resale during a period

A form showing quantity and condition of goods received

A list sent to the purchasing department showing the items to be ordered

A list of all balances owed to creditors

The actual cost to the business of the merchandise sold to customers

An account showing transportation charges for items purchased

An order to the supplier of goods specifying items needed, quantity, price, and credit terms

Responses:

Cost of goods sold

Freight In account

Purchase allowance

Purchase invoice

Purchase order

Purchase requisition

Purchase return

Purchases account

Purchases discount

Purchases journal

Receiving report

Sales discount

Sales invoice

Schedule of accounts payable

Correct Answer:

Premises:

Responses:

Cost of goods sold

Freight In account

Purchase allowance

Purchase invoice

Purchase order

Purchase requisition

Purchase return

Purchases account

Purchases discount

Purchases journal

Receiving report

Sales discount

Sales invoice

Schedule of accounts payable