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29 Cards in this Set
- Front
- Back
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Merchadise |
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 consumer the goods. |
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Wholesale Merchandising Business |
A business that buys and resells merchandise to retail merchandising business |
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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 |
Each unit of ownership in aacorporation. |
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Capital Stock |
Total shares of ownership in a corporation |
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Stockholder
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An owner of one or more shares of 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 te cost of merchandise to establish the selling price of an item.
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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 merchandise purchased is to be paid for at a later date.
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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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Purchase Invoice
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An invoice used as a source document for recording a purchase on account transaction
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Special Amount Column
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A journal amount column headed with an account tittle
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Term of Sale
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An agreement between a buyer and a seller about payment for merchandise. |
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Cash Payment Journal |
A special journal used to record only cash payment transaction |
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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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Purchase Discount
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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 tittle |
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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 |
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 that is more than a recorded amount. |
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Purchase 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 for showing the price deduction taken by the customer for returns and allowance. |
