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HHS Accounting Ch9 Test

Enter the letter for the matching Definition
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1.
Contra Account
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2.
Credit Limit
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3.
Accounts Payable Ledger
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4.
Controlling Account
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5.
Purchases Discount
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6.
Due Date
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7.
Capital Stock
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8.
Share of Stock
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9.
Cost of Merchandise
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10.
Discount Period
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11.
Trade Discount
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12.
Terms of Sale
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13.
Charter
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14.
Requisition
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15.
Periodic Inventory
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16.
Purchase on Account
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17.
General Amount Column
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18.
Merchandise
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19.
Merchandise Inventory
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20.
Articles of Incorporation
A.
The period of time during which a customer may take a cash discount.
B.
A reduction in the list price granted to a merchandising business.
C.
An agreement between a buyer and a seller aboutn payment for merchandise.
D.
The maximum outstanding balance allowed to a customer by a vendor.
E.
The date by which an invoice must be paid.
F.
A legal document that identifies basic characteristics of a corporation.
G.
When a company that has purchased merchandise on account takes a cash discount.
H.
The goods a business has on hand for sale to customers.
I.
An account that reduces a related account on a financial statement.
J.
An account in a general ledger that summarizes all accounts in a subsidiary ledger.
K.
A merchandise inventory evaluated at the end of a fiscal period.
L.
The amount a business pays for goods it purchases to sell.
M.
The legal right for a business to conduct operations as a corporation.
N.
A form requesting the purchase of merchandise.
O.
A transaction in which the items purchased are to be paid for later.
P.
Goods that a business purchases in order to sell.
Q.
The subsidiary ledger containing vendor accounts.
R.
Each unit of ownership in a corporation.
S.
The total shares of ownership in a corporation.
T.
A journal amount column that is not headed with an account title.
Type the Term that corresponds to the displayed Definition.
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21.
A journal amount column headed with an account title.
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22.
A form requesting that a vendor sell merchandise to a business.
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23.
The price after the trade discount has been deducted from the list price.
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24.
The assets or other financial resources available to a business.
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25.
An invoice used as a source document for recording a purchase on account transaction.
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26.
A business that purchases and resells goods.
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27.
A special journal used to record only purchases of merchandise on account.
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28.
When a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand.
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29.
A deduction that a vendor allows on an invoice amount to encourage prompt payment.
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30.
The owner of one or more shares of stock.

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