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Accounting def.
Accounting definitions
Term | Definition |
---|---|
Merchandise | Goods a business purchases to resell |
Merchandising business | Business that buys goods then resells them |
Retail merchandising business | Sells to those who use or consume the goods |
Wholesale merchandising business | Buys products to resell to another business for them to sell |
Corporation | Organizations' legal rights to a person or the corporation |
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 |
Articles of incorporation | A legal document that identifies basic characteristics of a corporation, is a part of the application submitted to a state to become a corporation. |
Charter | The legal right for a business to conduct operations as a corporation |
Business entity | |
Going concern | |
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 |