Unit 9-1 Flashcards
merchandise
Goods that a business purchases to sell.
merchandising business
A business that purchases and resells goods
retail merchandising business
A merchandising business that sells to those who use or consume the goods
wholesale merchandising business
buys and resells merchandise primarily to other merchandising businesses
corporation
An organization with the legal rights of a person which many persons or other corporations may own
capital
The assets or other financial resources available to a business.
share of stock
A unit of ownership in a corporation.
stockholder
The owner of one or more shares of stock.
capital stock
The total shares of ownership in a corporation.
articles of incorporation
A legal document that identifies basic characteristics of a corporation
charter
the legal right for a business to conduct operations as a corporation.
vendor
A business from which merchandise, supplies, or other assets are purchased.
subsidiary ledger
A ledger that is summarized in a single general ledger account.
accounts payable ledger
The subsidiary ledger containing vendor accounts.
controlling account
An account in a general ledger that summarizes all accounts in a subsidiary ledger.
