Shared Flashcard Set

Details

Accounting Unit 1
Special Journals
20
Accounting
Not Applicable
03/03/2025

Additional Accounting Flashcards

 


 

Cards

Term
GST
Definition
is a 10% tax levied by the federal government on most goods and services, excluding fresh food
Term
Accounting process
Definition
source documents, records, reports, advice
Term
Credit note
Definition
Source document for a return of inventory. Can be sales return or a purchase return
Term
Receipt
Definition
Evidence of a cash sale transaction (source doc)
Term
EFT
Definition
Electronic Funds Transfer; exchange of money by sending bank records via a computer network (source doc). Can be cash received or paid
Term
Cheque butt
Definition
Evidence of a cash payment (source doc)
Term
Memo
Definition
Internal note between the owner and the accountant (source doc)
Term
Purchase invoice
Definition
Evidence of a credit purchase (source doc)
Term
Sales invoice
Definition
Evidence of a credit sale (source doc)
Term
Business documents that are not source documents
Definition
Delivery docket, order form, quotes, shipping confirmation
Term
Calculate GST when given GST included price
Definition
Divide by 11
Term
Calculate GST when given GST excluded price
Definition
Multiply by .10
Term
Journal
Definition
accounting records that classify and summarise transactions during a particular reporting period​
Term
Cash receipts journal
Definition
record for cash collected (receipts, EFTs, B.S)​
Term
Cash payments journal
Definition
record for cash paid (chq butts, EFTs, B.S)​
Term
Sales journal
Definition
record for credit sales (sale inv)​
Term
Purchase journal
Definition
record for credit purchases (purchase inv)
Term
Credit transactions
Definition
the goods/services are supplied immediately, but payment follows at a later date. Uses an invoice
Term
Credit terms
Definition
state the period of time offered to credit customers, the discount available and when the amount is due​. Eg. 4/10, n/30
Term
Accounts payable
Definition
A credit supplier who the business owes money from a purchase (current liability)
Supporting users have an ad free experience!