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Hosted by Ms. Appel

Hosted by Ms. Appel. Vocab - 1. Vocab - 2. True/False. Debit/Credit Accounts. 100. 100. 100. 100. 200. 200. 200. 200. Final. 300. 300. 300. 300. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is Terms of Sale. An agreement between a buyer

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Hosted by Ms. Appel

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  1. Hosted by Ms. Appel

  2. Vocab - 1 Vocab - 2 True/False Debit/Credit Accounts 100 100 100 100 200 200 200 200 Final 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is Terms of Sale An agreement between a buyer and a seller about payment for merchandise

  4. Row 1, Col 2 What is Markup? The amount added to the cost of merchandise to establish the selling price.

  5. Row 1, Col 3 What is False? When a business requires the skills of more than one person and needs more capital than one owner can provide, it should be organized as a proprietorship.

  6. Row 1, Col 4 What is General Debit – Cash Credit? Daily Double Paid cash for Utilities Expense

  7. Row 2, Col 1 What is Cost of Merchandise? The price a business pays for goods it purchases to sell.

  8. Row 2, Col 2 What is Partnership? A business in which two or more persons combine their assets and skills.

  9. Row 2, Col 3 What is False? The main difference between a service business and a merchandising business is the journal used to record transactions.

  10. Row 2, Col 4 What is Debit Purchases – Credit Cash? Purchased merchandise For cash

  11. Row 3, Col 1 What is a Merchandising Business? A business that purchases and sells goods

  12. Row 3, Col 2 What is a Retail Merchandising Business? Daily Double A merchandising business that sells to those who use or consume the goods

  13. Row 3, Col 3 What is False? An expanded journal should include a special amount column for every kind of transaction the business might record.

  14. Row 3, Col 4 What is Debit Purchases – Credit Accounts Payable? Purchased merchandise On account

  15. Row 4, Col 1 What is a partner? Each member of a Partnership

  16. Row 4, Col 2 What is Merchandise? Goods that a merchandising Business purchases to sell

  17. Row 4, Col 3 What is False? Accounts related to the cost of merchandise are kept in the Revenue division in the general ledger chart of accounts

  18. Row 4, Col 4 What is General Debit – Cash Credit? Partner withdraws cash for Personal use

  19. Row 5, Col 1 What is a Purchase Invoice? An invoice used as a source document for recording a purchase on account transaction

  20. Row 5, Col 2 What is a Vendor? A business from which merchandise is purchased or supplies or other assets are bought

  21. Row 5, Col 3 What is False? The purchases account is increased by a credit and decreased by a debit

  22. Row 5, Col 4 What is General Debit – General Credit? Partner withdraws merchandise For personal use

  23. When merchandise is withdrawn by a partner, the: • Source document for the transaction is a check • Balance of the purchases account is increased • Transaction will increase the drawing account and decrease the purchases account Final Jeopardy

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