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Accounting Chap 9
Vocab
Term | Definition |
---|---|
Retail Merchandising Business | A merchandising business that sells to those who use or consume the goods. |
Wholesale Merchandising Business | Buys and resells merchandise primarily to other merchandising businesses. |
Corporation | An organization with the legal rights of a person which many persons or other corporations may own. |
Share of Stock | Each unit of ownership in a corporation. |
Stockholder | The owner of one or more shares of stock. |
Perpetual Inventory | An inventory determined by keeping continuous records of increases, decreases, and the balance on hand of each item of merchandise. |
Periodic Inventory | A merchandise inventory evaluated at the end of a fiscal period. |
Purchase Order | A form requesting that a vendor sell merchandise to a business. |
Terms of sale | An agreement between a buyer and a seller about payment for merchandise. |
Cash Discount | A deduction that a vendor allows on an invoice amount to encourage prompt payment. |