ACCT CH 9 Vocab JW
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Goods a business purchases and sells. | Merchandise
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| A business that purchases and sells merchandise | Merchandising business
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| A merchandising business that sells to those who use or consume the goods. | Retail merchandising business
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| A business that buys and "re-sells" merchandise to retail merchandising businesses. | Wholesale merchandising business. (B2B)
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| A type of business organization that has the legal rights of a person and which many persons may own. | Corporation
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| A unit of ownership in a corporation. | Share of Stock
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| Total shares of ownership in a corporation. | Capital stock
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| An owner of one or more shares of a corporation. | Stockholder
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| A journal used to record only one kind of transaction. | Special Journal
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| The price a business pays for goods it purchases to sell. | Cost of Merchandise
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| The amount added to the cost of merchandise to establish the selling price. | Markup
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| A business from which merchandise is purchased or supplies or other assets are bought. | Vendor
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| A General Ledger account classified as a "cost account" and used for recording the cost of merchandise. | Purchases
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| Merchandise purchased will be paid for LATER. | Purchase on account
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| A General Ledger account that summarizes the TOTAL amount owed to vendors. | Accounts Payable
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| A special journal used to record ONLY purchases of merchandise on account. | Purchases Journal
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| A journal amount column headed with an account title. Used for frequently occuring transactions. | Special amount column
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| An invoice used as a source document for recording a purchase on account transaction. | Purchase Invoice
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| An agreement between a buyer and a seller about payment of merchandise. | Terms of Sale
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| An accounting concept that is applied when the "actual amount" paid for merchandise is recorded in the books. | Historical Cost
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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