Explain the key term - accounts payable subsidiary ledger

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Reference no: EM131912009

Question - Explain the key terms in your own words. No limit of words, just it should be long enough that the teacher understands.

account form	FOB (free on hoard) shipping point	perpetual inventory system
administrative expenses (general expenses)	general ledger	physical inventory
accounts payable subsidiary ledger	gross profit	purchases discounts
accounts receivable subsidiary ledger	income from operations (operating income)	purchases returns and allowances
controlling account	inventory shrinkage (inventory shortage)	ratio of sales to assets
cost of merchandise sold	inventory subsidiary ledger	report form
credit memorandum (credit memo)	Invoice	sales
credit period	merchandise inventory	sales discounts
credit terms	multiple-step income statement	selling expenses
customer discounts	operating cycle	single-step income statement
customer returns and allowances	other expense	special journals
debit memorandum (debit memo)	other income	subsidiary ledger
FOB (free on board) destination	periodic inventory system	trade discounts

Reference no: EM131912009

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