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Accounting stuff

accounting stuff

TermDefinition
Merchandise Goods that a business purchases to sell
merchandising buisness a business the purchases and sells goods
retail merchandising buisness a merchandising business that sells to those who use or consume the goods
wholesale merchandising buisness a business that buys and resells merchandise to retail merchandising businessess
corporation an organization with the legal rights of a person and which many people may own
share of stock each unit of ownership in a corporation
capital stock total shares of ownership in a corporation
stockholder an owner of one or more shares of a coroporation
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 a business from which merchandise is purchased or supplies or other assets are brought
purchase on account a transaction in which the merchandise purchased is to be paid for later
purchases 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 seller about payment for merchandise
cash payment jounal 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 financialc statement
cash short a petty cash on hand amount that is less than a record amount
cash over a petty cash on hand amount that is more than a recorded amount
purchases return credit allowed for the purchase price of returned merchandises, resulting in a decrease in the customer's account payable
purchases allowance credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable
debit memorandum a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
Created by: SGraf98