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Chapter 9 Vocab
Chapter 9 Vocabulary (Accounting 1)
| Term | Definition |
|---|---|
| Merchandise | Goods that a business purchases and sells |
| Merchandising Business | A business that purchases and sells goods |
| Retail Merchandising Business | A merchandising business that sells to those who use or consume the goods |
| Wholesale Merchandising Business | A business that buys and resells goods to retail merchandising businesses |
| Corporation | An organization with the legal rights of a person and which many people own and work under |
| Share of Stock | Each unit of ownership of a corporation |
| Capitol Stock | Total shares of ownership in a corporation |
| Stockholder | An owner of one or more shares of a corporation |
| Special Journal | A journal used to record only one kind of transaction |
| Cost of Merchandise | The price a business pays for goods it purchases to sell |
| Markup | The amount added to the cost of merchandise to establish the selling price |
| Vendor | Someone who sells supplies or other assets to businesses |
| Purchase on Account | A transaction in which the merchandise purchased is to be paid for later |
| Purchase Journal | A special journal used to record only purchases of merchandise on account |
| Special Amount Column | A journal amount column headed with an account title |
| Purchase Invoice | An invoice used as a source document for recording a purchase on account transaction |
| Terms of Sale | An agreement between a buyer and a seller about payment for merchandise |
| Cash payments Journal | A special journal used to record only cash payment transactions |
| Cash Discount | A deduction that a vendor allows on the invoice amount to encourage prompt payment |
| Purchases Discount | A cash discount on purchases taken by a customer |
| General Amount Column | A journal amount column that is not headed with an account title |
| List Price | The retail price listed in a catalog or on an Internet site |
| Trade Discount | A reduction in the list price granted to customers |
| Contra Account | An account that reduces a related account on a financial statement |
| Cash Short | A petty cash on hand amount that is less than a recorded amount |
| Cash Over | Petty cash on hand amount that is more than a recorded amount |
| Purchases Return | Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable |
| Purchases Allowance | Credit allowed for part of the purchase price of merchandise that is not returned |
| Debit Memorandum | A form prepared by the customer showing the price deduction taken by the customer for returns and allowances |
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jenner.robertson.15