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29 Cards in this Set
- Front
- Back
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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 the goods |
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wholesale merchandising business |
a business that buys and resell merchandise to retail merchandising businesses |
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corporation |
an organization with the legal right 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 merchandise |
the price that 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 asset 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 purchased ion accounts |
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special amount column |
a journal amount column headed with an account title |
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purchase invoice |
an invoice used as a source document for recording a purchase on account transaction |
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term of sale |
an agreement between the buyer and a seller about payment for merchandise |
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cash payment 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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purchase 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 that is more than a recorded amount |
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purchases return |
credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's account payable |
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purchase allowance |
credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's account 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 |
