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Match the Description with the Accounting Terms

Question 111

Matching

Match the description with the accounting terms.

Premises:

Responses:

A cash discount offered to the customer for payment within a specified period, on the books of the buyer

Cost of goods sold

A bill received for goods purchased

Freight In account

A special journal used to record the purchase of goods on credit

Purchase allowance

A price reduction on a purchase from the amount originally billed

Purchase invoice

A cash discount offered by the supplier for payment within a specified period, on the books of the seller

Purchase order

Return to the supplier of unsatisfactory goods

Purchase requisition

A supplier's billing document

Purchase return

Purchases account

Purchases discount

Purchases journal

Receiving report

Sales discount

Sales invoice

Schedule of accounts payable

Premises:

A cash discount offered to the customer for payment within a specified period, on the books of the buyer

A bill received for goods purchased

A special journal used to record the purchase of goods on credit

A price reduction on a purchase from the amount originally billed

A cash discount offered by the supplier for payment within a specified period, on the books of the seller

Return to the supplier of unsatisfactory goods

A supplier's billing document

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