Chapter 6 Vocab

Bob Cui
Flashcards by Bob Cui, updated more than 1 year ago
Bob Cui
Created by Bob Cui over 7 years ago


Accounting Flashcards on Chapter 6 Vocab, created by Bob Cui on 10/19/2013.

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Question Answer
A business form used by a bank to inform a depositor that an increase has been made in their bank account and the reason for it. bank credit advice
A business form used by a bank to inform a depositor that a decrease has been made in their account and why. bank debit advice
Any journal. book of original entry
A business paper, prepared daily, that lists the monies received by a business from customers on account and other sources. cash receipts daily summary
A business form showing the details of a transaction in which goods or services are sold to a customer for cash. cash sales slip
A copy of a cheque, used as the source document for a payment made by cheque. cheque copy
Accounting for purchases must be at the cost price to the purchaser. cost principle
In Canada, a value-added tax collected by the seller of most goods and services and remitted to the federal government. goods and services tax GST
A tax, collected in the provinces of New Brunswick, Nova Scotia, and Newfoundland, that is a combined provincial sales tax and the goods and services tax. It is charged on the same items as the goods and services tax. harmonized sales tax HST
A specially ruled book in which accounting entries are recorded in the order in which they occur. journal
An accounting entry in the journal. journal entry
The process of recording entries in the journal. journalizing
The first accounting entry in the general journal, the entry that records the beginning financial position of a business, thereby opening the books of account. opening entry
A document that provides information to the business on sales at that location for that day. point of sale summary
An electronic cash register that is connected to and is able to interact with a central computer. point of sale terminal
A percentage based tax, established by the provincial government, on the price of goods sold to a customer. provincial sales tax PST
The name given to a supplier's sales invoice in the office of the purchaser. purchase invoice
The tear-off portion of a cheque, or a separate business form accompanying a cheque, which explains what the cheque is for. remittance advice
A percentage tax based on and added to the price of goods sold to a customer. retail sales tax
A business form, prepared whenever goods or services are sold on account, showing a description of goods or services, the price, and other information. sales invoice
A business paper, such as an invoice, that is the original record of a transaction and that provides the information needed when accounting for the transaction. source document
A document generated by a point-of-sale terminal that contains detailed information about each transaction. transaction log
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