Practice Advanced Accounting

An inventory determined periodically by counting, weighing, or measuring items of merchandise on hand is known as a physical inventory.

A file of stock records for all merchandise on hand is called a what?

The Fair Credit Reporting Act (FCRA) is a federal law that regulates credit reporting agencies and compels them to insure the information they gather and distribute is a fair and accurate summary of a consumer's credit history.

A vendor that sells merchandise to a merchandising business is often referred to as a what?

The rate at which the price for goods and services decreases over time is called deflation.

Estimating inventory by using the previous year’s percentage of gross profit on operations is called the what?

The accounts receivable turnover ratio is calculated by dividing net sales on account by the average book value of accounts receivable.

A record of the money you’ve borrowed from a variety of sources and your repayment of those debts.

The rate at which the price for goods and services increases over time is called what?

What is the name of the form generated by your employer to give information about your wages, taxes withheld, and other information for the purpose of filing your federal, state, and local taxes?

A form used during a physical inventory to record information about each item of merchandise on hand is called an inventory record.

What pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages?

Accounts receivable that cannot be collected are called uncollectible accounts.

Items in merchandise inventory are frequently referred to as goods.

Uncollectible accounts are sometimes referred to as what?