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29 Cards in this Set
- Front
- Back
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Merchandise |
Goods that a business purchase 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 sell to those who or consume the goods |
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Wholesale Merchandising Business |
A business that buys and resells merchandising to retail merchandising businesses |
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Corporation |
An organization with the legal rights of a person and which many persons 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 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 of an item |
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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 for a later date |
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Purchases Journal |
A special journal used to record only purchases of merchandise on account |
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Purchase Invoice |
An invoice used as a source document to recording a purchase an account transaction |
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Special Amount Column |
A journal amount column headed with an account title |
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Terms of Sale |
An agreement between a buyer and a seller about payment for merchandise |
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Cash Payments 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 needed 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 accounts payable |
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Debit Memorandum |
A form prepared by the customer for showing the price deduction taken by the customer for returns and allowance |
