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Match the Description with the Accounting Terms

Question 92

Matching

Match the description with the accounting terms.

Premises:
An order to the supplier of goods specifying items needed, quantity, price, and credit terms
An account showing transportation charges for items purchased
A list of all balances owed to creditors
A list sent to the purchasing department showing the items to be ordered
A form showing quantity and condition of goods received
The actual cost to the business of the merchandise sold to customers
An account used to record cost of goods purchased for resale during a period
Responses:
Sales discount
Purchase allowance
Purchases discount
Purchase return
Schedule of accounts payable
Receiving report
Purchases account
Purchase requisition
Freight In account
Sales invoice
Purchase invoice
Purchase order
Cost of goods sold
Purchases journal

Correct Answer:

Sales discount
Purchase allowance
Purchases discount
Purchase return
Schedule of accounts payable
Receiving report
Purchases account
Purchase requisition
Freight In account
Sales invoice
Purchase invoice
Purchase order
Cost of goods sold
Purchases journal
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