Keywords Flashcards
(20 cards)
Cow
Cash with order
Cod
Cash on delivery
Ex works
Means the cost of delivery is not included
Caragaige paid
Means that means that the seller will pay for the goods will pay for the delivery of the goods to the buyer
E&oe
Errors and omissions exempted
Trade discount
Means that the seller will give the buyer a discount due to the fact that they are in the same line of business
Cash discount
Is an extra discount give to the buyer if the goods are paid for within a stated period of time
Enquiry
An enquiry is a request from the buyer to the seller for the price and terms of sale of certain goods
Quotation
A quotationis a document , sent by the seller to the buyer , that shows the price and terms of sale of certain goods
Order
An order is a written request from a buyer to a seller asking for the seller to supply certain goods
An account
Is a record of transactions
The cash book
Is used to record all money recieved and all money paid out
Debit side of cash book
Is used to record money recieved
Credit side of cash book
Is used to record money paid out
Rule 1-
Debit anything recieved
Credit anything paid /given
An asset
Anything you own or any debt owed to you
A lialbity
Is any debt owed by you
Rule 2
Debit - asset
Credit - liability
Contra entries
Are transactions that require a debit and a credit entry in the same account for any one entry
Opening cash
Is the amount of cash a person or business has any the start of the month
