Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
Chapter9AccountingMM
Mikulich's Stack
| Question | Answer |
|---|---|
| Goods that a business purchases to sell. | Merchandise |
| A busienss that purchases sand sels goods. | merchandisisng business |
| a merchandisisng business taht sells to those who use or consume th e goods | retail merchandisisng business |
| a business tha buys and resells merchanidese to retail merchandising business. | wholesalemerchandisnignbuisiness |
| an organiszation with ethe legal rights of apersonand which many persons may own | corporation |
| each unit ow woenership in a corporation | share of stock |
| total shares of wwnership 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 teh selling price | markup |
| a buseiness frome whick merchandise is purchased or supplies or other assets are bought | vendor |
| a transaction in which the merchandise purchased is to be paid for later | purchase on account |
| a special journal used to record only purchases of merchandise on a ccount | purchases journal |
| a journal amount column headed with an account title | special amount column |
| an invoice used a sa source document for recording a purchase on account transaction | purchase invoice |
| an agreement between a buyer and a seller about payment for merchandise | terms of asale |
| a special journal used to record only chase payment transactions | cash payments journal |
| a deduction tha ta vendor allows on tkhe invoice amount to encourage prompt payment | case discount |
| a case discount on purchases taken bya customer | purchases discount |
| a journal amount column that is not headed witha n a ccount title | general amount cloumn |
| the retail price listed in a catalog or on and internet site | list price |
| a redu tion in the list price granted ot customers | trade siscount |
| an account that reduces a related account on a financial staedment | contraaccount |
| a petty cash on hand acmount that is less than a recorded amount | cashe shourt |
| a petty cash on hand amount that is more than arecorded amount | casho over |
| credit allowed for the purchases price of returned merchandise, resulting in a decreasein the customers accounts payable | purchases rteurn |
| credit allowed for part of the purchase price of mercanddise that is not returend, rssuleitn in a decrease in the customers accounts payable | purchasses allowance |
| a form prepared by the customer s howing the puric e duduction taken byt he sustomer for retuens and allowandces | debit memerandum |
Created by:
Mike M.
Popular Accounting sets