Accounting Chapter 9 Test

Retail Merchandising: A merchandising business that sells to those who use or consume the goods

Wholesale Merchandising Business: A business that buys and resells merchandise primarily to other merchandising businesses

Share of Stock: Each unit of ownership in a corporation

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

Stockholder: The owner of one or more shares of stock

Articles of Incorporation: A legal document that identifies basic characteristics of a corporation

Controlling Account: An account in a general ledger that summarizes all accounts in a subsidiary ledger

List Price: The retail price listed in a catalog or on a internet site

Trade Discount: A reduction in the list price granted to a merchandising business

Terms of Sale: An agreement between a buyer and a seller about payment for merchandise

Periodic Inventory: A merchandise inventory evaluated at the end of a fiscal period

Contra Account: An account that reduce a related account on a financial statement

Requisition: A formm requesting the purchase

Perpetual Inventory

Purchase Order

Special Journal

Cash Discount

General Amount Column

Credit Limit

Schedule of Accounts Payable

Discount period

purchased discount

general amount column

cash payment journal

due date

merchandise business

corporation

capital

merchandise

capital stock

charter

vendor

subsidiary ledger

accounts payable ledger

controlling account

inventory

merchandise inventory

perpetual inventory

physical inventory

cost of merchandise

purchase order

purchase on account

purchases journal

special amount column

purchase invoice

net price

contra account

credit limit