Accounting Ch.9
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Merchandise | Goods that a business purchases to sell
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| Merchandising Business | A business that purchases and sells goods
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| Retail Merchandising Business | A merchandising business that sells to those who use or consume
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| Wholesale Merchandising Business | A business that buys and resells merchandise to retail merchandising business
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| Corporation | An organization with the legal rights of a person and which many persons may own
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| Share of stock | Each unit of ownership in a corporation
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| Capital stock | total shares 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 Journal | A journal used to record only one kind of transaction
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| Cost of mechandise | The price a business pays for goods it purchases to sell
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| Markup | The amount added to the cost of merchandise to establish the selling price
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| Vendor | A business from which merchandise is purchased or supplies or other assets are bought
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| Purchase on Account | A transaction in which the merchandise purchased is to be paid for later
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| Purchases Journal | A special journal used to record only purchases of merchandise on account
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| Special Amount Column | A journal amount column headed with an account title
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| Purchases Invoice | An invoice used as a source document for recording a purchase on account transaction
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| Terms of Sale | An agreement between a buyer and a seller about payment for merchandise
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| Cash Payments Journal | A special journal used to record only cash payment transactions
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| Cash discount | A deduction that a vendor allows on the invoice amount to encourage prompt payment
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| Purchases discount | A cash discount on purchases taken by a customer
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| General amount column | A journal amount column that is not headed with an account title
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| List price | The retail price listed in a catalog or on an internet site
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| Trade discount | A reduction in the list price granted to customers
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| Contra Account | An account that reduces a related account on a financial statement
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| Cash Short | A petty cash on hand amount that is less than a recorded amount
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| Cash over | a petty cash on hand amount
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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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| 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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| Debit memorandum | A form prepared by the customer showing the price deduction taken by the customer for returns and allowances
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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