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HHS Accounting Ch9

Terms for Chapter 9 - Century 21, General Journal 10e

TermDefinition
Merchandise Goods that a business purchases in order to sell.
Merchandising Business A business that purchases and resells goods.
Wholesale Merchandising Business A business that buys and resells merchandise primarily to other merchandising businesses.
Retail Merchandising Business A merchandising business that sells to those who use or consume the goods.
Corporation An organization with the legal rights of a person which many persons or other corporations may own.
Capital The assets or other financial resources available to a business.
Share of Stock Each unit of ownership in a corporation.
Stockholder The owner of one or more shares of stock.
Capital Stock The total shares of ownership in a corporation.
Articles of Incorporation A legal document that identifies basic characteristics of a corporation.
Charter The legal right for a business to conduct operations as a corporation.
Vendor A business from which merchandise, supplies, or other assets are purchased.
Subsidiary Ledger A ledger that is summarized in a single general ledger account.
Accounts Payable Ledger The subsidiary ledger containing vendor accounts.
Controlling Account An account in a general ledger that summarizes all accounts in a subsidiary ledger.
Inventory A list of assets, usually containing the value of individual items.
Merchandise Inventory The goods a business has on hand for sale to customers.
Perpetual Inventory An inventory determined by keeping a continuous record 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.
Physical Inventory When a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand.
Cost of Merchandise The amount a business pays for goods it purchases to sell.
Requisition A form requesting the purchase of merchandise.
Purchase Order A form requesting that a vendor sell merchandise to a business.
Special Journal A journal used to record only one kind of transaction.
Purchase on Account A transaction in which the items purchased are 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 a seller aboutn payment for merchandise.
Due Date The date by which an invoice must be paid.
Cash Payments Journal A special journal used to record only cash payment transactions.
List Price The retail price listed in a catalog or on an Internet site.
Trade Discount A reduction in the list price granted to a merchandising business.
Net Price The price after the trade discount has been deducted from the list price.
Cash Discount A deduction that a vendor allows on an invoice amount to encourage prompt payment.
General Amount Column A journal amount column that is not headed with an account title.
Discount Period The period of time during which a customer may take a cash discount.
Purchases Discount When a company that has purchased merchandise on account takes a cash discount.
Contra Account An account that reduces a related account on a financial statement.
Credit Limit The maximum outstanding balance allowed to a customer by a vendor.
Schedule of Accounts Payable A listing of vendor accounts, account balances, and the total amount due to all vendors.
Created by: deblock