Question

1, A specialized computer used to collect, store, and report all the information about a sales transaction.

Answer 1

Answer:

1. Point-of-sale (POS) terminal.

2. Terminal summary.

3. Batching out.

4. Cash receipts journal.

5. Sales discount.

6. Selling price.

7. Accounts receivable ledger.

8. Sales journal.

9. Cash sale.

10. Batch report.

11. Sales tax.

12. Markup.

13. Schedule of accounts receivable.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, account payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

Thus, it's the field of accounting that involves specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting. Some of the terminologies used in financial accounting with their description respectively include the following;

1. Point-of-sale (POS) terminal: a specialized computer used to collect, store, and report all the information about a sales transaction.

2. Terminal summary: the report that summarizes the cash and credit card sales of a point-of-sale terminal.

3. Batching out: the process of preparing a batch report from a point-of-sale terminal.

4. Cash receipts journal: a special journal used to record only cash receipt transactions.

5. Sales discount: a cash discount on a sale taken by the customer.

6. Selling price: the amount a business receives from the sale of an item of merchandise.

7. Accounts receivable ledger: a subsidiary ledger containing all accounts for charge customers.

8. Sales journal: a special journal used to record only sales of merchandise on account.

9. Cash sale: a sale in which the customer pays for the total amount of the sale at the time of the transaction.

10. Batch report: a report of credit card sales produced by a point-of-sale terminal.

11. Sales tax: a tax on a sale of merchandise or services.

12. Markup: the amount a business adds to the cost of merchandise to establish the selling price.

13. Schedule of accounts receivable: a listing of customer accounts, account balances, and total amount due from all customers.