Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
TVS Accounting1-9
Accounting 1 Chapter 9
| Question | Answer |
|---|---|
| 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
Popular Accounting sets