Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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
Popular Accounting sets
Fundamental Accounting Definitions 1 of 2
Accounting Vocab and Important Information from Chap. 1
medical billing & coding
Accounting Equation
AIS Final
Part 1 Forms FLASH CARDS
Auditing Lecture A1
Accounting Equation, T-Account, Business and Accounting Terms
Accounting Ch.1
VYC1 Principles of Accounting WGU
QB Study Guide for Certification Exam
Financial markets and the investment banking process

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards