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Accounting Chapter 9
Account Chapter 9 Flashcards
| Term | Definition |
|---|---|
| Capital Stock | Total Shares of ownership in a corporation. |
| Cash Discount | A deduction that a vendor allows on the invoice amount to encourage prompt payment. |
| Cash Over | A petty cash on hand amount that is more than a recorded amount. |
| Cash Payments Journal | A special journal used to record only cash payment transaction. |
| Cash Short | A petty cash on hand amount that is less than a recorded amount. |
| Contra Account | An account that reduces a related account on a financial statement. |
| Corporation | An organization with the legal rights of a person and which many persons may own. |
| Cost of Merchandise | The price a business pays for the goods it purchases to sell. |
| Debit Memorandum | A for prepared by the customer showing the price deduction taken by the customer for returns and allowances. |
| General Amount Column | A journal amount column that is not headed with a title account. |
| List Price | The retail price listed in a catalog or on an internet site. |
| Markup | The amount added to the cost of merchandise to establish the selling price. |
| Merchandise | Goods that a business purchases to sell. |
| Purchase Invoice | An invoice used as a source document for reading a purchase on account transaction. |
| Purchase on Account | A transaction in which the merchandise purchased is to be paid for later. |
| Purchase Allowance | Credit allowed for purchase price of returned merchandise, resulting in decrease in the customer's accounts payable. |
| Purchase Discount | A cash discount on purchases taken by a customer. |
| Purchase Journal | A special journal to record only purchases of merchandise on account. |
| Purchases Return | Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable. |
| Retail Merchandising Business | A merchandising business that sells to those who use or consume the goods. |
| Share of Stock | Each unit of ownership in a corporation. |
| Special Amount Column | A journal amount column headed with an account title. |
| Special Journal | A journal used to record only one kind of transaction. |
| Stockholder | An owner of one or more shares of a corporation. |
| Terms of Sale | An agreement between a buyer and a seller about payment for merchandise. |
| Trade Discount | A reduction in the list price granted to customers. |
| Vendor | A business from which merchandise is purchased or supplies or other assets are bought. |
| Wholesale Merchandising Business | A business that buys and resells merchandise to retail merchandising businesses |
Created by:
jsmith52
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