Credit Purchase

Accounting Terms and Concepts

Flashcard
•
Business
•
KG
•
Hard
PES Exam
FREE Resource
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14 questions
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1.
FLASHCARD QUESTION
Front
Back
When a service is performed or goods are provided but the cash is not received immediately.
2.
FLASHCARD QUESTION
Front
Purchases Journal
Back
An accounting record that summarises all transactions involving the purchase of goods on credit.
3.
FLASHCARD QUESTION
Front
Credit Fee
Back
A transaction that involves the provision of a service to a customer who pays on credit.
4.
FLASHCARD QUESTION
Front
Sales Journal
Back
An accounting record that summarises all transactions involving the provision of goods on credit.
5.
FLASHCARD QUESTION
Front
Statement of Account
Back
A statement provided to a customer that details all transactions that have occurred over a period.
6.
FLASHCARD QUESTION
Front
Sales Invoice
Back
A source document that verifies the provision of a service on credit.
7.
FLASHCARD QUESTION
Front
Purchase Invoice
Back
A source document that verifies a credit purchase of inventory on credit.
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