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29 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Merchandise |
Goods that a business purchased to sell |
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Merchandising business |
A business that purchased and sells goods |
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Retail merchandising business |
sells to those who use it consume the goods |
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Wholesale merchandising business |
A business that buys and resells merchandise to retail merchandising businesses |
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Corporation |
An organization with the legal rights of a person and which many persons may own |
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Share of stock |
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 in a corporation |
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Special journal |
A journal used to record only one type of transaction |
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Cost of merchandise |
The price a business pays for goods it purchase 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 assets are bought |
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Purchase on account |
A transaction in which the merchandise purchased is to be paid later |
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Purchases journal |
A special journal used to record only purchases of merchandise on account |
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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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Terms of sale |
An agreement between a buyer and a seller about payment for merchandise |
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Cash payment journal |
A special journal used to 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 the 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 the 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 retuned merchandise, resulting in a decrease in the customers accounts payable |
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Purchases allowance |
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 |
A form prepared by the customers showing the price deduction taken by the customer for returns and allowances |
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