Shared Flashcard Set

Details

Chapter 9: Vocab
Vocab Terms for Chapter 9: Merchandising Business Organized as a Corporation
29
Accounting
12th Grade
01/05/2012

Additional Accounting Flashcards

 


 

Cards

Term
Merchandise
Definition
goods that a business purchases to sell
Term
Merchandising Business
Definition
a business that purchases and sells goods
Term
Retail Merchandising Business
Definition
a merchandising business that sells to those who use or consume the goods
Term
Wholesale Merchandising Business
Definition
a business that buys and resells merchandise to retail merchandising businesses
Term
Corporation
Definition
an organization with the legal rights of a person and which many persons may own
Term
Share of Stock
Definition
each unit of ownership in a corporation 
Term
Capital Stock
Definition
total shares of ownership in a corporation
Term
Stockholder
Definition
an owner of one or more shares of a corporation
Term
Special Journal
Definition
a journal used to record inly one kind of transaction
Term
Cost of Merchandise
Definition
the price a business pays for goods it purchases to sell
Term
Markup
Definition
the amount added to the cost of merchandise to establish the selling price
Term
Vendor
Definition
a business from which merchandise is purchased or supplies or other assets are bought 
Term
Purchase on Account
Definition
a transaction in which the merchandise purchased is to be paid for later
Term
Purchases Journal
Definition
a special journal used to record oonly purchases of merchandise on account
Term
Special Amount Column
Definition
a journal amount column headed with an account title
Term
Purchase Invoice
Definition
an invoice used as a source document for recording a purchase on account transaction
Term
Terms of Sale
Definition
an agreement between a buyer and a seller about payment for merchandise
Term
Cash Payments Journal
Definition
a special journal used to record only cash payment transactions
Term
Cash Discount
Definition
a deduction that a vendor allows on the invoice amount to encourage prompt payment
Term
Purchases Discount
Definition
a cash discount on purchases taken by a customer 
Term
General Amount Column
Definition
a journal amount column that is not headed with an account title
Term
List Price
Definition
the retail price listed in a catalog or on an Internet site
Term
Trade Discount
Definition
a reduction in the list price granted to customers
Term
Contra Account
Definition
an account that reduces a related account on a financial statement
Term
Cash Short
Definition
a petty cash on hand amount that is less than a recorded amount
Term
Cash Over
Definition
a petty cash on hand amount that is more than a recorded amount
Term
Purchases Return
Definition
credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable
Term
Purchases Allowance
Definition
credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable
Term
Debit Memorandum
Definition
a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
Supporting users have an ad free experience!