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2nd Semester Accounting Review 1

A written offer to a supplier to buy certain items is called a(n) _______ .purchase order
The date an invoice must be paid is called the _______ .due date
A(n) _______ is a written request that a certain item or items be ordered.purchase requisition
The _______ is the actual cost to the business of the merchandise sold to customers.cost of merchandise
When the supplier pays the shipping cost to the buyer’s destination or location, the term is called _______ .FOB destination
Information placed on an invoice that outlines a set of steps to be followed in processing the invoice for payment is a(n) _______ .processing stamp
The period of time within which an invoice must be paid in order to receive an amount off the invoice price is called a(n) _______ .discount period
A(n) _______ is a document that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer.invoice
A ledger that contains accounts for all creditors and the amount that is owed to each is the _______ .accounts payable subsidiary ledger
The amount paid for insurance is called the _______ .premium
The form that lists the items included in a shipment is called a(n) _______ .packing slip
The account used to record the cost of merchandise purchased during the fiscal period is the _______ .Purchases account
A cash discount that suppliers often offer credit customers for early payment is a(n) ______ .purchase discount
Merchandise returned by the buyer to the supplier for full credit is a(n) _______ .purchases return
An amount charged by a bank for handling a business’ bankcard sales slips is a(n) ______ .bankcard fee
A(n) _______ contains invoices to be paid, arranged by their due dates.tickler file
A business receives a(n) _______ when it keeps unsatisfactory merchandise, but pays less than the original price.purchases allowance
The source document prepared by the buyer to notify the seller that the seller’s account is to be decreased is called a(n) _______ .debit memorandum
Shipping terms of _______ means that the buyer pays the shipping charge from the supplier’s shipping point.FOB shipping point

room 301
Red Oak High School

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