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

Accounting Chapter 9

TermDefinition
schedule of accounts payable A listing of vendor accounts, account balances, and the total amount due to all vendors. Some businesses call this listing an accounts payable trial balance.
net price The price after the trade discount has been deducted from the list price.
subsidiary ledger A ledger that is summarized in a single general ledger account. Accountants often refer to a subsidiary ledger as a subledger.
Stockholder The owner of one or more shares of stock.
Periodic inventory A merchandise inventory evaluated at the end of a fiscal period.
Corporation An organization with the legal rights of a person which many persons or other corporations may own.
Share of Stock A unit of ownership in a corporation.
Capital The assets or other financial resources available to a business.
wholesale merchandising business A business that buys and resells merchandise primarily to other merchandising businesses.
cash payments journal A special journal used to record only cash payment transactions
Physical inventory A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand.
merchandising business A business that purchases and resells goods.
Purchase on account A transaction in which the items purchased are to be paid for later.
Cost of merchandise The amount a business pays for goods it purchases to sell.
Capital stock The total shares of ownership in a corporation.
List price The retail price listed in a catalog or on an Internet site.
Purchase order A form requesting that a vendor sell merchandise to a business.
Discount period The period of time during which a customer may take a cash discount.
Merchandise Goods that a business purchases to sell.
Vendor A business from which merchandise, supplies, or other assets are purchased.
Special amount column A journal amount column headed with an account title.
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
Trade discount A reduction in the list price granted to a merchandising business.
perpetual inventory An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise
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.
Controlling account An account in a general ledger that summarizes all accounts in a subsidiary ledger
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 about payment for merchandise.
Cash discount A deduction that a vendor allows on an invoice amount to encourage prompt payment.
Contra Account An account that reduces a related account on a financial statement.
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.
Purchases discount When a company that has purchased merchandise on account takes a cash discount.
Credit limit The maximum outstanding balance allowed to a customer by a vendor
Special journal A journal used to record only one kind of transaction.
Purchases Journal A special journal used to record only purchases of merchandise on account.
Accounts payable ledger The subsidiary ledger containing vendor accounts.
Due date The date by which an invoice must be paid
Requisition A form requesting the purchase of merchandise
Retail merchandising business A merchandising business that sells to those who use or consume the goods.
general amount column A journal amount column that is not headed with an account title.
Created by: user-1793217
Popular Accounting sets

 

 



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