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