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Accounting Chapter 9

Account Chapter 9 Flashcards

TermDefinition
Capital Stock Total Shares of ownership in a corporation.
Cash Discount A deduction that a vendor allows on the invoice amount to encourage prompt payment.
Cash Over A petty cash on hand amount that is more than a recorded amount.
Cash Payments Journal A special journal used to record only cash payment transaction.
Cash Short A petty cash on hand amount that is less than a recorded amount.
Contra Account An account that reduces a related account on a financial statement.
Corporation An organization with the legal rights of a person and which many persons may own.
Cost of Merchandise The price a business pays for the goods it purchases to sell.
Debit Memorandum A for prepared by the customer showing the price deduction taken by the customer for returns and allowances.
General Amount Column A journal amount column that is not headed with a title account.
List Price The retail price listed in a catalog or on an internet site.
Markup The amount added to the cost of merchandise to establish the selling price.
Merchandise Goods that a business purchases to sell.
Purchase Invoice An invoice used as a source document for reading a purchase on account transaction.
Purchase on Account A transaction in which the merchandise purchased is to be paid for later.
Purchase Allowance Credit allowed for purchase price of returned merchandise, resulting in decrease in the customer's accounts payable.
Purchase Discount A cash discount on purchases taken by a customer.
Purchase Journal A special journal to record only purchases of merchandise on account.
Purchases Return Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
Retail Merchandising Business A merchandising business that sells to those who use or consume the goods.
Share of Stock Each unit of ownership in a corporation.
Special Amount Column A journal amount column headed with an account title.
Special Journal A journal used to record only one kind of transaction.
Stockholder An owner of one or more shares of a corporation.
Terms of Sale An agreement between a buyer and a seller about payment for merchandise.
Trade Discount A reduction in the list price granted to customers.
Vendor A business from which merchandise is purchased or supplies or other assets are bought.
Wholesale Merchandising Business A business that buys and resells merchandise to retail merchandising businesses
Created by: jsmith52
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