Items

• debit side

  Debits are recorded on the left-hand side of an accounting journal entry.
• receivables control account

  Is a general ledger account that summarises the total amount of money owed to a company by its customers.
• account receivable journal

  Journal that is used to record all credit sales and transactions that affect accounts receivable.
• sales return

  A reduction in the actual sales which occurs when a customer, for whatever reason, returns the products.
• sales return journal

  A journal that is used to record the goods which were returned by the customers.
• accounts receivable collection period

  Measures the average number of days it takes a company to collect payments from its customers for credit sales.
• accounts receivable collection schedule

  A report to monitor how much customers owe.
• receivable ledger

  A ledger that tracks individual customer accounts and their outstanding balances.
• decrease

  Becoming smaller or less in amount.
• deduction

  Normally a tax deduction which is a business expense that can lower the amount of tax that needs to be paid.
• deficit

  Occurs when expenses exceed income or money spent is more than money received.
• delivery expenses

  Costs incurred by a business to transport its goods from its premises to the customers.
• demand

  The consumer’s desire to purchase a particular goods or service.
• deposit slip

  A form that is used to document a deposit of cash into a bank account.
• depreciation

  Expensing or reduction in the cost/depreciable amount of a fixed asset, to reflect the consumption of the asset.
• details

  The elements of something, the small things that make up the whole.
• detective control

  Detective control seeks to uncover fraud
• diminishing

  Becoming smaller or less important over time.
• diminishing balance method

  An accelerated depreciation method that calculates depreciation as a percentage of the asset’s carrying amount. The depreciation amount decreases each year as the asset’s carrying amount decreases.
• direct material cost

  Cost of the raw materials and components used to create a product.
• director

  Person appointed to oversee the management of a company.
• direct deposit

  The deposits of funds electronically into a bank account, the digital movement of money from one bank account to another.
• director fees

  Payments that a company makes to its directors for their services.
• direct materials

  The raw materials and components that are used to produce a finished product.
• disposal

  The process of getting rid of something.