Arkansas Unit 4 Basic Accounting Cycle Merchandising Business
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| Accounts payable ledger | a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account
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| Accounts receivable ledger | a subsidiary ledger containing only accounts for charge customers
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| Batch report | a report which gives performance information over a specific date range
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| Batching out | closing out all the transactions on the system that were processed for a particular day
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| Capital stock | total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares)
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| Corporation | business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from its owners
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| Cash discount | incentive offered by a seller to a buyer for settling the invoice immediately on delivery or in a period substantially shorter than the conventional period in that industry or market
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| Cash receipt journal | journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger
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| Cash over | a petty cash on hand amount that is more than a recorded amount.
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| Cash sale | a sale in which cash is received for the total amount of the sale at the time of the transaction
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| Cash short | a petty cash on hand amount that is less than a recorded amount.
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| Contra account | an account that reduces a related account on a financial statement
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| Controlling account | an account in a general ledger that summarizes all accounts in a subsidiary ledger
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| Cost of merchandise | the price a business pays for goods it purchases to sell
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| Cost of merchandise sold (goods) | the total original price of all merchandise sold during a fiscal period
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| Credit card sale | a sale in which a credit card is used for the total amount of the sale at the time of the transaction
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| Credit memorandum - | form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
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| Current assets | any asset expected to last or be in use for less than one year
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| Customer | a person or business to which merchandise or services are sold
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| Debit memorandum | form or letter issued by a seller to advise the amount owed by the buyer
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| Distribution-of-net-income statement | a partnership financial statement showing net income or loss distribution to partners
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| General amount column | a journal amount column that is not headed with an account title.
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| Gross profit on sales | the revenue remaining after cost of merchandise sold has been deducted
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| Historical cost concept | the actual amount paid for merchandise or other items bought is recorded
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| Inventory | the amount of goods on hand
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| List price | the retail price listed in a catalog or on an Internet site.
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| Markup | the amount added to the cost of merchandise to establish the selling price
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| Merchandise | goods that a merchandising business purchases to sell
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| Merchandise inventory | the amount of goods on hand for sale to customers
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| Owner's equity statement | a financial statement that summarizes the changes in owner's equity during a fiscal period
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| Partner | each member of a partnership
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| Plant assets | assets that will be used for a number of years in the operation of a business
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| Purchase invoice | an invoice used as a source document for recording a purchase on account transaction
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| Point-of-sale (POS) terminal | a computer used to collect, store, and report all the information of a sales transaction
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| Purchases discount | a cash discount on purchases taken by a customer.
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| Purchases return | credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
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| Sales discount | a cash discount on sales
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| Retail merchandising business | a merchandising business that sells to those who use or consume the goods
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| Retained earnings | an amount earned by a corporation and not yet distributed to stockholders
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| Sales return | credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable
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| Sales journal | a special journal used to record only sales of merchandise on account
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| Purchases allowance | credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable
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| Sales allowance | credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable.
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| Sales tax | a tax on a sale of merchandise or services
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| Schedule of accounts payable | a listing of vendor accounts, account balances, and total amount due all vendors
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| Schedule of accounts receivable | a listing of customer accounts, account balances, and total amount due from all customers
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| Share of stock | each unit of ownership in a corporation
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| Stockholder | an owner of one or more shares of a corporation
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| Special amount column | a journal amount column headed with an account title
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| Subsidiary ledger | a ledger that is summarized in a single general ledger account
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| Supporting schedule | a report prepared to give details about an item on a principal financial statement
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| Terms of sale | an agreement between a buyer and a seller about payment for merchandise
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| Terminal summary | the report that summarizes the cash and credit card sales of a point-of-sale terminal
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| Trade discount | a reduction in the list price granted to customers.
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| Vendor | a business from which merchandise is purchased or supplies or other assets are bought
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| Wholesale merchandising business | a business that buys and resells merchandise to retail merchandising businesses
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