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Accounting > Unit 9 > Flashcards

Unit 9 Flashcards

1
Q

Goods that a business purchases in order to sell

A

merchandise

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2
Q

A business that purchases and resells goods

A

merchandising business

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3
Q

A merchandising business that sells to those who use or consume goods

A

retail merchandising business

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4
Q

A business that buys and resells merchandise primarily to other merchandising business

A

wholesale merchandising business

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5
Q

An organization with the legal rights of a person which many persons or other corporations may own

A

corporation

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6
Q

The assets or other financial resources available to a business

A

capital

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7
Q

Each unit of ownership in a corporation

A

share of stock

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8
Q

The owner of one or more shares of stock

A

stockholder

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9
Q

The total shares of ownership in a corporation

A

capital stock

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10
Q

A legal document that identifies basic characteristics

A

articles of incorporation

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11
Q

The legal right for a business to conduct operations as a corporation

A

charter

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12
Q

A business form which merchandise, supplies, or other assets are purchased

A

vendor

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13
Q

A ledger that is summarized in a single general ledger account

A

subsidiary ledger

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14
Q

The subsidiary ledger containing vendor accounts

A

accounts payable ledger

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15
Q

An account in a general ledger that summarizes all accounts in a subsidiary ledger

A

controlling account

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16
Q

A list of assets, usually containing the value of individual items

A

Inventory

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17
Q

The goods a business has on hand for sale to customers

A

merchandise inventory

18
Q

An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.

A

perpetual inventory

19
Q

A merchandise inventory evaluated at the end of a fiscal period.

A

periodic inventory

20
Q

When a periodic inventory is conducted by counting weighing, or measuring items of merchandise on hand

A

physical inventory

21
Q

The amount a business pays for goods it purchases to sell

A

cost of merchandise

22
Q

A form requesting the purchase of merchandise

A

requisition

23
Q

A form requesting that a vendor sell merchandise to a business

A

purchase order

24
Q

A journal used to record only one kind of transaction

A

special journal

25
Q

A transaction in which the items purchased are to be paid for later

A

purchase on account

26
Q

A special journal used to record only purchases of merchandise on account

A

purchase journal

27
Q

A journal amount column headed with an account title

A

special amount column

28
Q

An invoice used as a source document for recording a purchase on account transaction

A

purchase invoice

29
Q

An agreement between a buyer and seller about payment for merchandise

A

terms of sale

30
Q

The date by which an invoice must be payed

A

due date

31
Q

A special journal used to record only cash payment transaction

A

cash payments journal

32
Q

The retail price listed in catalog or on an Internet site

A

list price

33
Q

A reduction in the list price granted to a merchandising business

A

trade discount

34
Q

The price after the trade discount has been deducted from the list price

A

net price

35
Q

A deduction that a vendor allows on an invoice amount to encourage prompt payment

A

cash discount

36
Q

A journal amount column that is not headed with an account title

A

general amount column

37
Q

The period of time during which a customer may take a cash discount

A

discount period

38
Q

When a company that has purchased merchandise on account take a cash discount

A

purchases discount

39
Q

An account that reduces a related account on a financial statement

A

contra account

40
Q

The maximum outstanding balance allowed to a customer by a vendor

A

credit limit

41
Q

A listing of vendor accounts, account balances, and the total amount due to all vendors

A

schedule of accounts payable

Accounting (9 decks)

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