The Following Is a List of 10 Terms and Concepts $\quad$

question 95

Essay

The following is a list of 10 terms and concepts from Chapter 3:
$\quad$$\quad$$\quad$$\quad$ $\underline{\text{Terms and consepts:}}$
A. Master data $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ F. Journalize
B. Standing data $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ G. Subsidiary ledger
C. Summarize $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ H. General ledger
D. Post to subsidiary ledger $\quad$$\quad$$\quad$$\quad$ I. Information processing
E. Post to general ledger $\quad$$\quad$$\quad$$\quad$$\quad$ J. Data maintenance Required:
Listed below are ten descriptions of a term or concept. On the blank line to the left of each number, insert the capital letter from the list above of the term or concept that corresponds to the statement. A letter should be used only once.
$\underline{\text{Answers}}$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ DESCRIPTION
_______ 1. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Add a sale to a customer's account
_______ 2. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Record a sales transactions in a book of original entry
_______ 3. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Customer credit limit
_______ 4. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Accounts Receivable and Sales accounts
_______ 5. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Change inventory prices
_______ 6. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Increase the balance in the Sales and Accounts Receivable account:
_______ 7. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Financial statement preparation
_______ 8. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Individual customer accounts receivable records
_______ 9. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Accounts receivable subsidiary ledger
_______ 10. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Prepare a trial balance.

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Definitions:

Standard Cost Variances

The difference between the actual costs incurred and the standard costs pre-established for manufacturing or production.

Cost Of Goods Sold

The direct expenditures involved in producing the products a company sells, namely labor and materials costs.

Adjusted Cost Of Goods Sold

The cost of goods sold after adjustments for changes in inventory levels, returned goods, and possibly other factors affecting the cost of sales.

Materials Price Variance

The difference between the actual cost of materials used in production and the standard cost that was expected or budgeted.