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accounting
| Term | Definition |
|---|---|
| Merchandise | goods that a business purchases to sell |
| Merchandising Business | a business that purchases and resells goods |
| Retail merchandising Business | a merchandising business that sells to those who use or consume the goods |
| Wholesale merchandising business | a business that buys and resells merchandise primarily to other merchandising businesses |
| 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 | a 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, which is a part of the application submitted to a state to become a corporation |
| Charter | a state approves the formation of a corporation by issuing a 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 (Subledger) | ledger that is summarized in a single general ledger account. Accountants often refer to a subsidiary ledger as a subledger |
| 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 |
Created by:
gianna142