Accounting Chapter 10 Review

A specialized computer used to collect, store, and report all the information about a sales transaction.

• Terminal Summary

• Batch Report

• Point-of-Sale (POS) Terminal

• Sales Tax

The process of preparing a batch report from a point-of- sale terminal.

• Batching Out

• Batch Report

• Markup

• Point-of-Sale (POS) Terminal

A sale in which the customer pays for the total amount of the sale at the time of the transaction.

• Cash Receipts Journal

• Cash Sale

• Sales Tax

• Sales Discount

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

• Batching Out

• Markup

• Batch Report

• Terminal Summary

The amount a business adds to the cost of merchandise to establish the selling price.

• Sales Tax

• Cash Sale

• Sales Discount

• Markup

1. A batch report is a detailed report of cash sales during a specific period of time.

• True

• False

1. The balance of Accounts Receivable should equal the total of the schedule of accounts receivable.

• True

• False

1. Only the federal government can exempt from sales taxes some types of merchandise or sales to certain types of customers.

• True

• False

1. Regardless of when payment is received, the revenue should be recorded when a sale is made, not on the date cash is received.

• True

• False

1. The amount of sales tax collected is a liability of a business until paid to the government.

• True

• False