Glossary Terms Quiz

Use the dropdown button to match each definition with the proper glossary term. A special journal of accounting used to record all sales made on account.

• Sales Journal

• Purchase Journal

• Cash Receipts Journal

• General Journal

Use the dropdown button to match each definition with the proper glossary term. A separate ledger containing individual accounts that share a common characteristic.

• Subsidiary Ledger

• General Ledger

• Trial Balance

• Balance Sheet

Use the dropdown button to match each definition with the proper glossary term. A consumption tax paid by the end consumer of goods and services and remitted by the seller to the appropriate government agency.

• Sales Tax

• Income Tax

• Property Tax

• Capital Gains Tax

Use the dropdown button to match each definition with the proper glossary term. A special journal of accounting used to record cash receipt transactions.

• Cash Receipts Journal

• General Ledger

• Sales Journal

• Purchase Journal

Use the dropdown button to match each definition with the proper glossary term. A plastic card that is an electronic method of payment allowing the card owner to purchase goods and services on credit.

• Credit Card

• Debit Card

• Gift Card

• Loyalty Card

A company that buys large quantities of products from manufacturers or distributors, warehouses or stores them, and then resells them to retailers.

• Wholesaler

• Retailer

• Consumer

• Manufacturer

A business that buys and sells merchandise for a profit.

• Merchandiser

• Manufacturer

• Service Provider

• Wholesaler

Units of ownership in a corporation.

• Shares of Stock

• Bonds

• Debentures

• Mutual Funds

A company that buys products from manufacturers, distributors, and/or wholesalers, and resells them directly to the consuming public.

• Retailer

• Manufacturer

• Wholesaler

• Distributor

Main object of preparing a Journal is:

• To ascertain the financial position of the business

• To journalise the cash transactions

• To make posting in the ledger

• To record the business transactions