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TVS Accounting1-9

Accounting 1 Chapter 9

QuestionAnswer
Goods that a business purchases to sell Merchandise
A business that purchases and sells goods Merchandising Business
A merchandising business that sells to those who use or consume the goods Retail Merchandising Business
A business that buys and resells merchandise to retail merchandising businesses Wholesale Merchandising Business
An organization with the legal rights of a person and which many persons may own Corporation
Each unit of ownership in a corporation Share of Stock
Total shares of ownership in a corporation Capital Stock
An owner of one or more shares of a corporation Stockholder
A journal used to record only one kind of transaction Special Journal
The price a business pays for goods it purchases to sell Cost of Merchandise
The amount added to the cost of merchandise to establish the selling price Markup
A business from which merchandise is purchased or supplies or other assets are bought Vendor
A transaction in which the merchandise purchased is to be paid for later Purchase on Account
A special journal used to record only purchases of merchandise on account Purchases Journal
A journal amount column headed with an account title Special Amount Column
An invoice used as a source document for recording a purchase on account transaction Purchase Invoice
An agreement between a buyer and a seller about payment for merchandise Terms of sale
A special journal used to record only cash payment transaction Cash Payment Journal
A deduction that a vendor allows on the invoice amount to encourage prompt payment Cash Discount
A cash discount on purchases taken by a customer Purchases Discount
A journal amount column that is not headed with an account title General Amount Columnm
The retail price listed in a catalog or on an Internet site List Price
A reduction in the list price granted to customers Trade Discount
An account that reduces a related account on a financial statement Contra Account
A petty cash on hand amount that is less than a recorded amount Cash Short
A petty cash on hand amount that is more than a recorded amount Cash Over
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable Purchases Return
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's account payable Purchases Allowance
A form prepared by the customer showing the price deduction taken by the customer for returns and allowances Debit Memorandum
Created by: TammieVanScyoc on 2013-04-24



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