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Accounting Chapter 9

TermDefinition
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 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 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, 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
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
Subledger Accountants often refer to a subsidiary ledger as a
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
Purchase 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 bury and a seller about 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 payments 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 is referred to as
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 purchases 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: jykirra
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