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