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Chapter 10 vocab

QuestionAnswer
A business in which two or more persons combine their assets and skills Partnership
Each member of a partnership Partner
Reports and financial records of the business are kept separate from the personal records of the partners Business Entity
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
Goods that a merchandising business purchases to sell Merchandise
A business that buys and resells merchandise to retail merchandising businesses Wholesale Merchandising Business
To continue business indefinetly Going Concern
A journal used to record only one kind of transaction Special Journal
For all purchases of merchandise on account Purchases Journal
For all cash payments Cash Payments Journal
For all sales of merchandise on account Sales Journal
For all cash receipts Cash Receipts Journal
For all other transactions General Journal
The price a business pays for goods it purchases to sell Cost of Merchadise
The amount added to the cost of merchandise to establish the selling price Markup
Only the markup Increases Capital
A business from which merchandise is purchased or supplied or other assets are bought Vendor
Used only to record the cost of merchandise purchased Purchases Account
When the actual amount paid for merchandise or other items bought is recorded Historical Cost
A journal amount column headed with an account title Special Amount Column
A journal amount column that is not headed with an account title General Amount Column
Cash 2 Types of Owner Withdrawals
Totaling, proving, and ruling a cash payments journal page to carry the totals forward Carried Forward
Written in the Account Title column when totals from the previous journal page are carried forward Brought Forward
Supplies on Account
Chief Financial Officer CFO
"Free On Board" FOB
The terms of sale will be listed on the seller's sales invoice as FOB Shipping Point
Means that the seller is responsible for the freight charges FOB Destination
1. shipping point-seller pays freight company 2. shipping point-buyer pays freight company 3. destination-seller pays freight company 4. destination-buyer pays freight company 4 Types of FOB
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
The total dollar value of all final goods and services produced by resources located in the US during one year's time GDP
Created by: echavez0195
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