Accounting II 3.01 Review

An accounting system showing accounting information for two or more departments:

• Merchandising Business
• Contra Account
• Departmental Accounting System
• Cash Discount

A business that purchases and sells goods:

• Merchandising Business
• Retail Business
• Manufacturing Business
• Green Business

An account that reduces a related account on a financial statement:

• Primary Account
• Cash Discount
• Contra Account
• Secondary Account

A deduction that a vendor allows on the invoice amount to encourage prompt payment:

• Credit Account
• Primary Account
• Secondary Account
• Cash Discount

A cash discount on purchases taken by a customer:

• Purchases Discount
• Owners Discount
• Payment Discount
• Salary Discount

A cash discount on sales:

• Sales Discount
• Purchases Discount
• Salary Discount
• Payroll Discount

Merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand:

• Periodic Inventory
• Weekly Inventory
• Bi-Weekly Inventory
• Perpetual Inventory

The money paid for employee services:

• Earned Income
• Payroll
• Payroll Taxes
• Salary

The period covered by a salary payment:

• Earning Statement
• Bi-Weekly Salary
• Payroll Period
• Pay Period

The total amount earned by all employees for a pay period:

• Payroll Taxes
• Payroll
• Salary
• Paycheck