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A comprehensive guide to common accounting terms and concepts. Learn about list price, purchase on account, cost of merchandise, terms of sale, contra accounts, merchandise, corporation, merchandising business, general journal, cash discount, cash short, markup, general amount column, trade discount, purchases return, purchases discount, purchases journal, vendor, debit memorandum, purchase invoice, cash over, cash payments journal, special amount column, special journal, general debit, general credit, and more.
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Jeopardy Category 1 Category 2 Category 5 Category 3 Category 4 Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500
$100 Question The retail price listed in a catalog or on an Internet site
$100 Answer from Category 1 List Price
$200 Question from Category 1 A transaction in which the merchandise purchased is to be paid for later
$200 Answer from Category 1 Purchase On Account
$300 Question from Category 1 The price a business pays for goods it purchases to sell
$300 Answer from Category 1 Cost of Merchandise
$400 Question from Category 1 An agreement between a buyer and a seller about payment for merchandise
$400 Answer from Category1 Terms of Sale
$500 Question from Category 1 An account that reduces a related account on a financial statement
$500 Answer from Category 1 Contra Account
$100 Question from Category 2 Goods that a business purchases to sell
$100 Answer from Category 2 Merchandise
$200 Question from Category 2 An organization with the legal rights of a person and which many persons may own
$200 Answer from Category 2 Corporation
$300 Question from Category 2 A business that purchases and sells goods
$300 Answer from Category 2 Merchandising Business
$400 Question from Category 2 Transactions that cannot be recorded in a special journal should be recorded in the _____________.
$400 Answer from Category 2 General Journal
$500 Question from Category 2 A deduction that a vendor allows on the invoice amount to encourage prompt payment
$500 Answer from Category 2 Cash Discount
$100 Question from Category 3 A petty cash on hand amount that is less than a recorded amount
$100 Answer from Category 3 Cash Short
$200 Question from Category 3 The amount added to the cost of merchandise to establish the selling price
$200 Answer from Category 3 Markup
$300 Question from Category 3 A journal amount column that is not headed with an account title
$300 Answer from Category 3 General Amount Column
$400 Question from Category 3 A reduction in the list price granted to customers
$400 Answer from Category 3 Trade Discount
$500 Question from Category 3 Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s accounts payable
$500 Answer from Category 3 Purchases Return
$100 Question from Category 4 A cash discount on purchases taken by a customer
$100 Answer from Category 4 Purchases Discount
$200 Question from Category 4 A special journal used to record only purchases of merchandise on account
$200 Answer from Category 4 Purchases Journal
$300 Question from Category 4 A business from which merchandise is purchased or supplies or other assets are bought
$300 Answer from Category 4 Vendor
$400 Question from Category 4 Daily Double A form prepared by the customer showing the price deduction taken by the customer for returns and allowances
$400 Answer from Category 4 Debit Memorandum
$500 Question from Category 4 An invoice used as a source document for recording a purchase on account transaction
$500 Answer from Category 4 Purchase Invoice
$100 Question from Category 5 A petty cash on hand amount that is more than recorded amount
$100 Answer from Category 5 Cash Over
$200 Question from Category 5 A special journal used to record only cash payment transaction
$200 Answer from Category 5 Cash Payments Journal
$300 Question from Category 5 A journal amount column headed with an account title
$300 Answer from Category 5 Special Amount Column
$400 Question from Category 5 A journal used to record only one kind of transaction
$400 Answer from Category 5 Special Journal
$500 Question from Category 5 If you have cash short do you have a general debit or general credit
