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Chapter 9 flashcards
Accounting
| Term | Definition |
|---|---|
| Merchandise | Goods that a business purchases to sell |
| Merchandising business | A business that purchases and sells goods |
| Retail Merchandising business | sells those who use or consume the goods |
| Wholesale merchandising buiness | a business that buys and resells merchandising businesses to retail merchandising businesses |
| Corporation | an organization with the legal rights of a person and which many persons 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 corperation |
| Special journal | a journal used to record only one kind of transaction |
| Cost of merchandise | The price a business pays for good 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 bought |
| purchase on account | a transaction in which the merchandise purchased is to be paid for later |
| purchases on journal | a special journal used to record only purchases of merchandise |
| special amount column | a journal amount column headed with an account title |
| purchase invoice | an invoice used as a source document for recording a ourchase 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 only record cash payment transaction |
| 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 fincancial statement |
| Cash Short | A petty cash on hand amount that is less than a recorded 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 merchandise, resulting in a decrease in the customers accounts payable |
| purchases allowance | credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customers accounts payable |
| debit memorandum | A form prepared by the customers showing the price deduction taken by the customer for returns and allowances |
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jenny1125
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