Chapter 10 class

Question 1

a report of credit card sales produced by a point-of-sale terminal

Answer 1

batch report

Question 2

the process of preparing a batch report of credit card sales from a point-of-sale terminal

Answer 2

batching out

Question 3

a special journal used to record only cash receipt transactions

Answer 3

cash receipts journal

Question 4

a sale in which cash is received for the total amount of the sale at the time of the transaction

Answer 4

cash sale

Question 5

a sale in which a credit card is used for the total amount of the sale at the time of the transaction

Answer 5

credit card sale

Question 6

a form prepared by the vendor showing the amount deducted for returns and allowances

Answer 6

credit memorandum

Question 7

a person or business to whom merchandise or services are sold

Answer 7

customer

Question 8

a computer used to collect, store, and report all the information of a sales transaction

Answer 8

point-of-sale (POS) terminal

Question 9

credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor’s accounts receivable

Answer 9

sales allowance

Question 10

a cash discount on sales taken by a customer

Answer 10

sales discount

Question 11

a special journal used to record only sales of merchandise on account

Answer 11

sales journal

Question 12

credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor’s accounts receivable

Answer 12

sales return

Question 13

a tax on a sale of merchandise or services

Answer 13

sales tax

Question 14

the report that summarizes the cash and credit card sales of a point-of-sale terminal

Answer 14

terminal summary

Question 15

Revenue is recorded at the time goods or services are sold

Answer 15

Accounting concept of Realization of Revenue