Cengage Accounting Chapter 6 Key term Questions and
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Terms in this set (33) QUESTIONS VERIFIED ANSWERS
1) The form of balance sheet that resembles the basic account form
format of the accounting equation, with assets on the left
side and Liabilities and Owner's Equity sections on the
right side.
2) Expenses incurred in the administration or general administrative
operations of the business. expenses (general
expenses)
3) The cost of net purchases plus transportation costs. cost of merchandise
purchased
4) The cost that is reported as an expense when cost of merchandise
merchandise is sold. sold
5) A form used by a seller to inform the buyer of the credit memorandum
amount the seller proposes to credit to the account (credit memo)
Verified Answers/ Complete Solutions with Rationales |Get It
100% Accurate!! Already Passed!!
Terms in this set (33) QUESTIONS VERIFIED ANSWERS
1) The form of balance sheet that resembles the basic account form
format of the accounting equation, with assets on the left
side and Liabilities and Owner's Equity sections on the
right side.
2) Expenses incurred in the administration or general administrative
operations of the business. expenses (general
expenses)
3) The cost of net purchases plus transportation costs. cost of merchandise
purchased
4) The cost that is reported as an expense when cost of merchandise
merchandise is sold. sold
5) A form used by a seller to inform the buyer of the credit memorandum
amount the seller proposes to credit to the account (credit memo)
