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Chapter9accountingML
Accounting
| Question | Answer |
|---|---|
| goods that a business purchases to sell | merchandise |
| a business that purcheses and sells goods | merchandising business |
| a merchandising business that sells to those who use or consume the goods. | retail merchandising business |
| a bsiness that buys and resells meerchandise to retail merchandising businesses | wholesale merchandising business |
| an organization wiith the lefal rights of a person and which many persons may own | corporation |
| 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 murchandise |
| the ammount added to the cost of merchandise to establi=sh the selling price | markup |
| a business from which mercahndise is purchased or supplies or other asssests are bought. | vendor |
| a transaction in whihc the merchandise purchased is to be paid for later. | purchase on account |
| a special journal used to record only purchases of merchandise on account | purchases journal |
| a journal amount column headed with an account title | special amount column |
| an invoice used as a source document for recording a purchase on acccount transaction | purchases invoice |
| purchases allowance | terms of sale |
| a special journal used to record only cash payment transactions | cash payments journal |
| a deduction that a vendor allows on the invoice amount to encourage prompt payment | cash discount |
| a cash discount on purchases taken by a customer | purchases discount |
| a journal amount column that is not headed with an account column | general amount column |
| the retail price listed in a catalog or on an internet site | list price |
| a reduction in the list price granted to customer | trade discount |
| an account that reduces a related account ona finacial statement | contra account |
| a petty cash on hand amount that is less than a recorded amount | cash short |
| a petty cash on hand amount that is more than a recorded account | cash over |
| credit allowed for the purchase price of returened merchandise, resulting ina decrease in the customer's accounts payable | purchases return |
| credit allowed for part of the purchase price of merchandise that is not returned, resultining ina decrease in the custommer's accounts payable | purchases allowance |
| a form prepared by the customer showing the price deduction taken by the customer for returns and allowances | debit memorandum |
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