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ACCT CH 9 Vocab

ACCT CH 9 Vocab JW

QuestionAnswer
Goods a business purchases and sells. Merchandise
A business that purchases and sells merchandise Merchandising business
A merchandising business that sells to those who use or consume the goods. Retail merchandising business
A business that buys and "re-sells" merchandise to retail merchandising businesses. Wholesale merchandising business. (B2B)
A type of business organization that has the legal rights of a person and which many persons may own. Corporation
A unit of ownership in a corporation. Share of Stock
Total shares of ownership in a corporation. Capital stock
An owner of one or more shares of a corporation. Stockholder
A journal used to record only one kind of transaction. Special Journal
The price a business pays for goods it purchases to sell. Cost of Merchandise
The amount added to the cost of merchandise to establish the selling price. Markup
A business from which merchandise is purchased or supplies or other assets are bought. Vendor
A General Ledger account classified as a "cost account" and used for recording the cost of merchandise. Purchases
Merchandise purchased will be paid for LATER. Purchase on account
A General Ledger account that summarizes the TOTAL amount owed to vendors. Accounts Payable
A special journal used to record ONLY purchases of merchandise on account. Purchases Journal
A journal amount column headed with an account title. Used for frequently occuring transactions. Special amount column
An invoice used as a source document for recording a purchase on account transaction. Purchase Invoice
An agreement between a buyer and a seller about payment of merchandise. Terms of Sale
An accounting concept that is applied when the "actual amount" paid for merchandise is recorded in the books. Historical Cost
Created by: joannw15
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