A report of credit card sales produced by a point-of-sale terminal. batching out The process of preparing a batch report of credit card sales from a point-of-sale terminal. cash receipts journal A special journal used to record only cash receipt transactions. cash sale A sale in which cash is received for the total amount of the sale at the time of the transaction. credit card sale A sale in which a credit card is used for the total amount of the sale at the time of the transaction. credit memorandum A form prepared by the vendor showing the amount deducted for returns and allowances. Customer A person or business to whom merchandise or services are sold. point-of-sale (POS) terminal A computer used to collect, store, and report all the information of a sales transaction. sales allowance 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. sales discount A cash discount on sales taken by a customer. sales journal A special journal used to record only sales of merchandise on account. sales return Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable. sales tax A tax on a sale of merchandise or services. terminal summary The report that summarizes the cash and credit card sales of a point-of-sale terminal. The various activities a business completes to organize its accounting records in an orderly fashion. source document Any type of business paper that verifies that a transaction occurred. Invoice Lists specific information about a business transaction involving the buying or selling of an item on account. receipt A record of cash received by a business. Memorandum A brief written message that describes a transaction that takes place within a business. check stub Lists the same information that appears on a check. Journal Often called a book of original entry. Journalizing A term used for recording a business transaction. fiscal year An accounting period of 12 months ending on the last day of any month except December. calendar year An accounting period that begins on January 1 and ends on December 31. general journal An all-purpose journal in which all of the transactions of a business may be recorded.

Intro to Financial Accounting Exam Notes 1

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