Accounting Vocab

Accounts that are deducted from Sales on the income statement (i.e., Sales Returns and Allowances, Sales Discounts).
A physical count of goods on hand.
Accounts that are deducted from the Purchases account when computing the cost of goods sold (i.e., Purchases Returns and Allowances, Purchases Discounts).
Cash received in advance of delivering a product or performing a service.

A beginning inventory of $75,000 is removed from the merchandise inventory account by

A worksheet is prepared on what date/period

An example of a contra-revenue account is

At the end of the accounting period, the correct entry in the general journal to adjust for ending inventory is to

Both the debit and credit amounts from which of the following accounts are extended to the Adjusted Trial Balance columns of the work sheet?

Cash received prior to delivering a product or performing a service is called a(n)

During the accounting period, the Unearned Revenue account had a balance of $50,000 for computer equipment and software yet to be delivered. On March 31, a delivery of all of the equipment was made, leaving $5,000 worth of software pending. The correct journal entry to record this activity on March 31 is to

Ending inventory is subtracted from cost of goods available for sale to compute:

If a difference is found between the physical count and the amount in the perpetual inventory records, an adjusting entry is made to which of the following accounts?

In preparing a work sheet, the amounts for the Trial Balance columns are copied from the

Merchandise Inventory is listed as a(n)

On a work sheet, the amount entered in the Credit column of the Balance Sheet to balance the debits and credits is $56,000. This represents

On a work sheet, the Debit columns of the Income Statement and the Balance Sheet both total more than the Credit columns. This represents

Sports, Inc. plans to sell season football tickets for the 10 games played from September through November. These tickets sell for $5 each at the gate or for $45 per season package purchased before April 30. On April 30, the office reports that it has sold 200 season ticket packages and has only 50 left. The correct entry to record the sale of the season tickets is

The income summary account, after adjusting entries are posted, reflects the

Unearned revenue is reported as a(n)

Which account balance is NOT used to compute the cost of goods sold?

Which of the following accounts is never debited or credited during the accounting period?

Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts?

Thank you for your time. Getting an answer would be highly apperciated!